Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Le Rivage, a 240-unit multifamily property in Bossier City, Louisiana.
Built in 2013 on 16 acres, Le Rivage is a gated, two- and three-story garden-style property with a swimming pool, fitness and business centers, clubhouse, dog park and playground. Apartments have full-size washers and dryers, dishwashers, hardwood flooring, and private patios or balconies. The average unit size is 925 square feet.
“Located in a submarket with no new multifamily supply and no projects currently under construction, Le Rivage has averaged 98% occupancy in the trailing 12 months,” said John Hamilton, first vice president investments in Marcus & Millichap’s Baton Rouge office. “New ownership can benefit from implementing a first-generation value-add opportunity without a decline in occupancy.” Hamilton and IPA’s Will Balthrope and Drew Garza represented the seller and procured the buyer. Steve Greer is Marcus & Millichap’s broker of record in Louisiana.
The property is five miles from Downtown Bossier City and Downtown Shreveport, near Barksdale Air Force Base,which serves a large population of active-duty military and reservists, their families, retirees, and civilians. Additional employers in the area include Ternium USA Inc.,Sabre Industries, Ochsner-LSU Health,Frymaster Corp., and Benteler Steel.
Balthrope stated: “IPA provides commercial real estate investors with high-quality multifamily property opportunities in markets throughout the United States and Canada.”
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
