Realco Purchases Louisiana-Lafayette Community

University Place Apartments contains 336 beds and is located adjacent to the university.

 

 

Photo courtesy of GRS Property Management

 

Lafayette, La. — Realco Capital Partners has acquired a student housing community located adjacent to the University of Louisiana – Lafayette. Constructed in the 1970s, the property contains 336 beds in 192 units. Residences include one or two bedrooms and range in size from 720 to 850 square feet.

Chris Epp and Chris Bancroft of Apartment Realty Advisors brokered the deal.

In the near-term, Realco plans to complete a capital improvements program that will include new exteriors and interiors as well as upgraded amenities. Campus Apartments has been selected to manage the community.

According to a listing from Stirling Properties on real estate site Catylist, the property listed for $9.05 million and had a net operating income of $749,000. The community is 91 percent occupied.

— Coleman Wood

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