Description:

Aubin Court is a 52-unit townhome-style apartment community located in Baton Rouge, LA that was built in 2008. Aubin was initially built to sell off as townhomes then the financial crises of 2008 hit. Prior to the financial crisis of 2008, every single one of the townhomes had a contract to sell in place then all of them fell out of the contract due to the recession. All of the units then went onto the rental market. They have been on the rental market ever since. Given the history of Aubin, the property offers the next owners plenty of exit strategies but mainly consistent cash flows. They can continue operating as an apartment complex or sell as individual units when the market dictates.
Aubin is always full and has a historical occupancy of nearly 100%. The tenant base includes mostly families with small children and young professionals. When units come available, new tenants are carefully chosen due to the high demand to live at Aubin. The property has 3 different floor plans which include twenty-five 2Br/2.5Ba, twenty-five 3Br/2.5Ba, and two 3Br/3.5Ba.
The current ?market rents? at Aubin are as follows: $1,075 for a 2Br/2.5Ba, $1,300 for a 3Br/2.5Ba, and $1,350 for a 3Br/3.5Ba. Tenants at Aubin currently pay for all of their utilities. Property is currently being managed by a single individual who has been doing so for the better part of a decade. Aubin has a 4.36% Assumable Fannie Mae loan in place but potential buyers may also place new debt on the property if they choose so. The property is located in a Flood Zone X which does not require flood insurance.
Aubin Court has multiple attractive qualities to a range of investors which include:
?Consistent cash flows with cash on cash returns in the mid 6% range assuming one pays
$7M for the asset and assumes the current loan.
?Little deferred maintenance
?Multiple exit strategies
Stabilized 52 Unit Apartment Community?
2008 construction with new roofs and new fence installed in 2020/2021
Convenient Baton Rouge location?
All units are large townhome style units with an average unit size of 1,435 SF and average monthly rents of $1,242/month?
December 2022 Occupancy: 98%?
Population of 278,000 within a 15 minute drive of the property?
Attractive assumable in place Fannie Mae debt. 4.36% rate fixed for another 7 years, non-recourse on a 30 year AM schedule?
Light value add opportunity with upgrading units from original finishes to increase?rents?
Property?provides steady cash flows and unique exit strategies
Perfect opportunity for a 1031 buyer?
Don?t miss our on the opportunity to acquire this gem of cash-flowing real estate within the heart of Louisiana?s Capital

Presented by:

Karl  Landreneau, CCIM, SIOR

Director of Commercial Sales and Leasing

Mr.

(225) 252-3733

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