Acquisition of a Partnership Interest in July Street Property Holdings LLCJanuary 31st, 2020 | by 18squared
18 Squared Tactical Fund is pleased to announce the acquisition of a partnership interest in July Street Property Holdings LLC located adjacent to Louisiana State University (LSU) in Baton Rouge, Louisiana. July Street Property Holdings LLC (also known as Tiger Manor) is a 404-unit apartment community that was purchased in December, 2019.
Tiger Manor was built in primarily two phases with seven additional buildings which have been converted from single family or duplex. The property is located within one block from LSU, making the complex a desirable location that serves the almost 32,000 student population. It is currently operated and branded as student housing, and the existing tenant base is comprised of 70% students and 30% conventional multifamily renters.
Tiger Manor is also 3 miles from downtown Baton Rouge and 6 miles from an Exxon Mobil refinery, and so part of the operator’s strategy for adding value to this asset is to tilt that ratio of students to conventional multifamily renters in the other direction. Accommodations for faculty and young professionals is in shorter supply in this area such that a marketing shift toward non-students offers significant rent enhancement.
The compound includes four pools spread throughout the buildings. A fitness center with free weights, cardio equipment, and a yoga room has been upgraded. Courtyards have been fitted with newer furniture and grills. A package locker system is also available to residents. The property is fully fenced and features an automatic gate with one point of entry.
As always, the 18 Squared team is available to answer questions.