LAFAYETTE, La., March 10, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Diamond Lakes Apartments, (top photo) a 312-unit multi-family community in Lafayette. The sales price of $20.1 million represents $64,423 per unit.
Stephen St. Clair, (photo at right) vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, and Tom Pate, an investment specialist in the firm’s Lafayette office, represented the seller, a private investment group based in Massachusetts. St. Clair also represented the buyer, a private investment group based in Louisiana.
“Diamond Lakes Apartments is a well-maintained multi-family property in a prime location,” says St. Clair. “The asset generates a reliable cash flow while at the same time possesses an inherent potential for steady rental increases.”
Located at 2700 Ambassador Caffery Parkway, the 249,100-rentable square foot apartment community consists of 16 two-story buildings on a 13.17-acre lot, just minutes from Interstate 10, the recently completed Interstate 49 and the Southwest Medical Center. The garden-style buildings offer one- and two-bedroom units, ranging from 650 to 1,000 square feet.
Unit amenities include spacious walk-in closets, wireless Internet, kitchens with a full complement of appliances, contemporary wood cabinets, wood-burning fireplaces in select units and washer/dryer connections in all two-bedroom units and 49 one-bedroom units. Community amenities include two swimming pools, two lighted tennis courts, a computer lab and a fully equipped fitness center.
Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
