A Stirling Properties-led investment group has purchased three apartment complexes in Lafayette with a combined value of $11.7 million in a buy described by the company as a new strategy for an erratic real estate market.
A press release from Stirling, which is headquartered in Covington and has an office in Lafayette, says the company decided last summer to go after apartment units as a way for investors to yield “attractive returns at a time when investors just aren’t seeing these returns through other investment alternatives.”
“Multi-family is an asset class that Stirling Properties has grown very bullish on based upon the demographic and economic trends in the nation,” Stirling Properties CEO and President Marty Mayer says in the release. “With this particular investment, being our first move into multi-family, a significant milestone for the company and for the team has been marked as we look to expand our holdings in this type of asset.”
The three Lafayette purchases, according to The Advocate, are Acadian Gardens (92 units sold for $4.2 million) and South College Gardens (60 units sold for $2.5 million) on South College Road, and Willow Gardens (110 units sold for $5 million) at Johnston Street and Glouchester Road.
The property manager for the three Lafayette complexes, as well as Stirling’s Baton Rouge apartment purchase, is BH Management of Des Moines, Iowa.
According to a business plan for Parc Lafayette, the three Lafayette apartment complexes Stirling purchased were owned by physician turned local developer Glenn Stewart.
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