Institutional Property Advisors Brokers Multifamily Asset Sale in Northwestern Louisiana
September 23, 2024
BOSSIER CITY, La., Sept. 23, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Le Rivage, a 240-unit multifamily property in Bossier City, Louisiana.
“Located in a submarket with no new multifamily supply and no projects currently under construction, Le Rivage has averaged 98% occupancy in the trailing 12 months,” said John Hamilton, first vice president investments in Marcus & Millichap’s Baton Rouge office. “New ownership can benefit from implementing a first-generation value-add opportunity without a decline in occupancy.” Hamilton and IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. Steve Greer is Marcus & Millichap’s broker of record in Louisiana.
The property is five miles from Downtown Bossier City and Downtown Shreveport, near Barksdale Air Force Base, which serves a large population of active-duty military and reservists, their families, retirees, and civilians. Additional employers in the area include Ternium USA Inc., Sabre Industries, Ochsner-LSU Health, Frymaster Corp., and Benteler Steel.
Built in 2013 on 16 acres, Le Rivage is a gated, two- and three-story garden-style property with a swimming pool, fitness and business centers, clubhouse, dog park and playground. Apartments have full-size washers and dryers, dishwashers, hardwood flooring, and private patios or balconies. The average unit size is 925 square feet.
Balthrope stated: “IPA provides commercial real estate investors with high-quality multifamily property opportunities in markets throughout the United States and Canada.”
“Located in a submarket with no new multifamily supply and no projects currently under construction, Le Rivage has averaged 98% occupancy in the trailing 12 months,” said John Hamilton, first vice president investments in Marcus & Millichap’s Baton Rouge office. “New ownership can benefit from implementing a first-generation value-add opportunity without a decline in occupancy.” Hamilton and IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. Steve Greer is Marcus & Millichap’s broker of record in Louisiana.
The property is five miles from Downtown Bossier City and Downtown Shreveport, near Barksdale Air Force Base, which serves a large population of active-duty military and reservists, their families, retirees, and civilians. Additional employers in the area include Ternium USA Inc., Sabre Industries, Ochsner-LSU Health, Frymaster Corp., and Benteler Steel.
Built in 2013 on 16 acres, Le Rivage is a gated, two- and three-story garden-style property with a swimming pool, fitness and business centers, clubhouse, dog park and playground. Apartments have full-size washers and dryers, dishwashers, hardwood flooring, and private patios or balconies. The average unit size is 925 square feet.
Balthrope stated: “IPA provides commercial real estate investors with high-quality multifamily property opportunities in markets throughout the United States and Canada.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.