Berkadia today announced the sale of West M Apartments, a 366-unit multifamily property located in the rapidly growing metropolitan area of Lake Charles, Louisiana. The property was acquired by BH Management of Iowa and it was 93% occupied at the time of sale.
Berkadia’s Senior Managing Director Ryan Epstein,Managing Director Gregg Cordaro and Associate Director Wes Breeding with the firm’s Houston/Louisiana -based investment sales team arranged the sale, representing seller Atlanta-based Cortland Partners.
“West M represents a ‘Best in Class,’ highly rated apartment community benefitting from an excellent location in Lake Charles, which is poised for tremendous growth as a result of new economic development projects,” said Cordaro. “The property offers excellent potential for rental growth.”
Recently named one of the best cities for job growth by New Geography, the Lake Charles metropolitan area is a hotbed for industry, particularly in the chemical/petrochemical sectors. The Southwest Louisiana Economic Development Alliance estimates there are over $43 billion of new projects under construction, with another $58 billion in the pipeline. That is expected to add at least 25,000 new construction jobs and 20,000 permanent jobs to the region, and trigger significant population growth.
West M Apartments, located at 1330 W. McNeese Street, offers one-, two- and three-bedroom homes with loft-style floor plans, patios and balconies, granite countertops, and washers and dryers in the unit. Amenities include a 24-hour fitness center, clubhouse, courtyard, Internet café, media room, an outdoor kitchen and fireplace, and a resort-style pool with cabanas and sundecks.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
