Versity Investments has acquired Oakbrook Apartments, a 466-bed student housing community in Baton Rouge, Louisiana, from RISE. The property serving Louisiana State University students will be managed by Book & Ladder, a subsidiary of Versity. TSB Realty assisted in closing the transaction.
The community traded for $ 34.7 million, according to the Great Red Stick Activity Report.
Oakbrook Apartments consists of 19 two- and three-story buildings on 9.4 acres at 5075 Nicholson Drive. Floor plans range from 453 to 1,760 square feet and include studios and one- to four-bedroom units. The facilities include two swimming pools, a community hall, a gymnasium and approximately 360 parking spaces. All units include washers and dryers and high speed internet connection.
The property is less than 2 miles from the Louisiana State University campus and approximately 5 miles south of downtown Baton Rouge. Retail shops and restaurants are available within walking distance.
Between 2016 and 2017, the property built in 1970 underwent extensive renovations, which helped the asset to be fully leased by the time it changed hands, said Austin Repetto, director of TSB Realty, in prepared remarks.
A busy sector
Student housing opportunities continue to attract capital, new players and experienced investors gravitating to the sector.
Recently, TSB Realty also advised on the sale of Villas on Rio, an 858 bed student housing community serving students at the University of Texas at Austin. The buyer was a joint venture comprising Blue Vista Capital Management, Koramco Asset Management – a South Korean company – and a third South Korean institution. The acquisition was one of two initial investments made by the partnership in the U.S. student housing market, totaling $ 250 million in asset value.
Versity Investments was also very active in southern markets prior to the start of the fall 2021 semester. In July, the company received a $ 39 million loan from Alliant Credit Union to acquire a community of 451. beds serving the University of Texas at Austin.