Halstatt Real Estate JV Sells 299-Unit LSU Student Property

The Legacy at Baton Rouge. Image courtesy of Halstatt Real Estate Partners Halstatt Real Estate…

The Legacy at Baton Rouge. Image courtesy of Halstatt Real Estate Partners

Halstatt Real Estate Partners has sold The Legacy at Baton Rouge, an 898-bed community in Baton Rouge, La., serving students at Louisiana State University. The seller bought the property last year in a partnership with Landmark Properties and implemented an enhancement and rebranding plan. Last year, the joint venture secured a $32.8 million Fannie Mae CMBS loan, originated by Capital One, Yardi Matrix data shows.

Completed in 2015, the community comprises six buildings with one-, two-, three- and four-bedroom apartments, ranging from 570 to 2,519 square feet. Community amenities include a fitness and business center, clubhouse, volleyball court, swimming pools and spas.

The value-add and rebranding program resulted in the repositioning of the asset and achieving full lease for the 2021-2022 academic year and a 100 percent prelease rate for the 2022-2023 school year, mentioned Halstaat Principal Peggy Lamb in prepared remarks.

Located at 449 Ben Hur Road, the community is less than 2 miles from the university campus and less than 3 miles from Tiger Stadium. Several dining options and a Walmart Neighborhood Market along West Lee Drive are within half a mile of the property.

LSU’s positive rent growth

Louisiana State University is among the country’s top student housing markets, registering a 9.5 percent average rent increase on an annual basis as of March, according to a recent Yardi Matrix report. Prelease growth has neared 17.1 percent compared to the previous year, while year-over-year enrollment growth was at 7 percent.

The Baton Rouge student housing market has had its share of activity over the past year. At the end of 2021, Versity Investments acquired the 466-bed Oakbrook Apartments for $34.7 million. Moreover, Fountain Residential Partners broke ground on The Vue on Parker, another 294-bed student-dedicated property, expected for delivery in 2023.

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