California Investor Lands 208-Unit Complex

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SHREVEPORT, LA-A San Francisco buyer has made its first Louisiana play, snapping up the 208-unit, class B Kingwood Forest Apartments. The asset has brought just south of the $6.7-million ask.

Built in 1984 and situated on 12 acres at 8200 Wild Briar Dr., Kingwood Forest was bought by Kingwood Forest Apartments LLC as part of a 1031 exchange. Additionally, the buyer’s willingness to tackle needed renovations helped to win the nod from the Edward Seymour Family Trust of Monroe.

Gregg Cordaro, president and managing broker of Baton Rouge-based Cordaro Cos., says the new owner is planning a major renovation inside and out to the complex, including the parking lot and fitness center. “They had a long-term plan and we knew they’d put more value into the property,” he says. Although the budget is still being fine-tuned, the renovation will take one to two years to complete, according to the deal’s sole broker. The buyer also intends to manage the asset.

Cordaro tells GlobeSt.com that the seller, which has many real estate assets in Louisiana, sold Kingwood Forest to reinvest the money into other holdings. He adds that the family trust sells some real estate holdings every five to 10 years as a matter of routine.

Built in 1984, the 99%-occupied Kingwood Apartments has one- and two-bedroom units ranging from 423 sf to 861 sf. The monthly rent is $335 to $435 for one-bedroom apartments and $495 and $525 for two-bedroom units.