Versity Investments has acquired Oakbrook Apartments, a 466-bed student housing community in Baton Rouge, La., from RISE. The property serving students at Louisiana State University will be managed by Versity’s affiliate Book & Ladder. TSB Realty helped close the transaction.
The community traded for $34.7 million, according to the Greater Baton Rouge Business Report.
Oakbrook Apartments encompasses 19 two- and three-story buildings on 9.4 acres at 5075 Nicholson Drive. Floorplans range from 453 and 1,760 square feet and include studios and one- to four-bedroom units. Amenities include two swimming pools, a community room, a gym and roughly 360 parking spaces. All units include washers and dryers and high-speed internet connection.
The property is less than 2 miles from the Louisiana State University campus and some 5 miles south of downtown Baton Rouge. Retail and dining options are available within walking distance.
Between 2016 and 2017, the 1970-built property underwent extensive renovations, which contributed to the asset being fully leased at the time it changed hands, TSB Realty Principal Austin Repetto said in prepared remarks.
A busy sector
Student housing opportunities continue to attract capital, with both new players and experienced investors gravitating toward the sector.
Recently, TSB Realty also advised on the sale of Villas on Rio, an 858-bed student housing community serving students at the University of Texas at Austin. The buyer was a joint venture including Blue Vista Capital Management, Koramco Asset Management—a South Korean company—and a third South Korean institution. The acquisition was one of two initial investments the partnership made in the U.S. student housing market, totaling $250 million in asset value.
Versity Investments was, likewise, busy in southern markets before the start of the 2021 Fall semester. In July, the company received a $39 million loan from Alliant Credit Union for the acquisition of a 451-bed community serving the University of Texas at Austin.