Baton Rouge, La. — J. Ryan Lang of Stirling Properties represents seller.
Baton Rouge, La. — GRS Property Management has sold Tiger Manor, a 515-bed student housing community outside the north gates of Louisiana State University to a group of regional investors (Tiger Manor LLC) for approximately $24.3 million.
J. Ryan Lang, Director of Stirling Properties Multi-Family Group, closed the sale of the 285-unit property, which was built in 1972, but completely renovated in 2008 and converted into condos, with 32 of the total 317 units being sold. The asset features a brand new fitness center, clubhouse, two swimming pools and game room.
"We had an extremely competitive bidding process that ended up netting 14 total offers from a wide spectrum of investors who were excited about the proximity to campus" Lang said.
"We continue to see an incredible amount of demand for product within walking distance to campus. We were pleased to be able close the property in such a short period of time on behalf of the seller."
HFF worked on behalf of Stirling Properties to secure a 10-year fixed-rate securitized loan through Natixis Real Estate Capital, LLC. For $19.5 million.