Marcus & Millichap arranged the sale of a five-property apartment portfolio totaling 526 units in Metairie, La.
The total value of the portfolio was $24.8 million.
West Springfield, Mass.-based Aspen Square Management Co. sold the properties to a New York City-based investment firm.
The portfolio is comprised of La Maison Apartment Homes, Covington Square Apartment Homes, Villa D’ Venus Apartment Homes, Val Halla Apartment Homes and Cypress Winds Apartment Homes.
La Maison, the largest of the five properties, consists of 176 units and is located at 2308 and 2408 Houma Blvd. The property, constructed in 1972, includes 170,050 rentable square feet and was totally renovated in 1998. The community has four unique courtyards surrounded by oversized one-bedroom apartments and two-bedroom townhomes. The unit mix includes one studio, 70 one-bedroom/one-bath apartments and 105 two-bedroom/1.5-bath floor plans with sizes ranging from 630 square feet to 1,132 square feet. The complex also features two swimming pools.
Covington Square was constructed in 1976 and totally renovated in 2001. The 135-unit property is located at 4828 Zenith St. and totals 102,685 rentable square feet. Covington Square offers six floor plans ranging from 385 square feet to 1,225 square feet. The unit mix consists of one studio, 76 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath floor plans and 34 two-bedroom/1.5-bath units.
Villa D’ Venus features 79 units surrounding a lush courtyard with swimming pool and sun deck. The gated community, located at 3124 Lake Villa Drive, was constructed in 1971 and totally renovated in 1995. This community offers 55 studios and 24 two-bedroom/two-bath floor plans totaling 67,650 rentable square feet.
Located at 1224 Lake Ave., Val Halla is a 79-unit community totaling 60,939 rentable square feet. The property was constructed in 1970 and totally renovated since 1998. Val Halla offers 11 studios, 49 one-bedroom/one-bath, 18 two-bedroom/two-bath and one three-bedroom/two-bath units. The size of the units ranges from 450 square feet for the studios to 1,239 square feet for the three-bedroom apartment. The community also features a pool and tropical courtyard.
Cypress Winds is a 57-unit complex located at 2105 Cleary Ave. Built in 1971, the property was totally renovated in 1998. The property’s units surround a European-style courtyard, and amenities include a swimming pool and spacious sun deck. Cypress Winds totals 38,510 rentable square feet, and its unit mix includes one studio, 18 one-bedroom/one-bath apartments and 38 one-bedroom/one-bath townhomes.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
