Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Preston Place & Port Au Prince, a 271-unit multifamily asset in Bossier City, Louisiana.
Completed in 1985 on eight acres, Preston Place & Port Au Prince is a two-story asset with a swimming pool, laundry facilities, playground and fitness center. Apartments have washers and dryers, dishwashers, air conditioning and hardwood floors. The average unit size is 799 square feet.
“Preston Place & Port Au Prince maintained strong occupancy during the previous owner’s 15 years of operation in a market that is fundamentally sound, yet under supplied,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “The buyer assumed an attractive agency loan and is well positioned to add value by implementing a light program of interior renovations.” Jacobs, John Hamilton, and Philip Martin represented the seller and procured the buyer.
“With support from an attractive in-place loan assumption and the operational excellence of the owner, we raised the bar on price per unit for 1970-1980s product in the Bossier market,” said Hamilton.
Located near Downtown Bossier City and Downtown Shreveport, the property’s proximity to Interstate 20 and 49 connects residents to destinations throughout the Ark-La-Tex region. Employers nearby include a newly built Amazon Robotic Fulfillment Center, five riverboat casinos, Louisiana State University Health Shreveport and Barksdale Airforce Base.