New York group buys three North Baton Rouge apartment complexes for $11.6 million

A New York investment group purchased three North Baton Rouge apartment complexes for $11.6 million.

Granite Pelican Bay LLC of Elmhurst, New York, bought the 117-unit Pelican Bay apartments at 2121 N. Lobdell Blvd., the 48-unit Howell Place complex at 4150 72nd Ave. and the 48-unit Pirates Bend complex at 8165 Plank Road in a deal filed earlier this month with the East Baton Rouge Clerk of Court’s office. The seller was 2121 Lobdell LLC, which is based in Baton Rouge but has officers in Houston.

Officials with Marcus & Millichap, which had the listing for the properties and found the buyer, said the deal worked out to nearly $47,000 per apartment. The three complexes were all built in 2001 and 2002 and have a mix of units with one to four bedrooms.

The rents range between $874 for a 600-square-foot one bedroom, one bath unit to $1,321 for a 1,100-square-foot four bedroom, two bathroom unit, according to Apartments.com.

The new owners plan to spend “considerable money” to rehabilitate the apartments and take advantage of the strong demand for apartments in North Baton Rouge, John Hamilton, first vice president of investments for Marcus & Millichap, said in a statement.