A Richmond, Va.-based apartment and hotel developer has purchased the Value Place extended-stay hotels on Airline Highway and North Harrells Ferry Road.

Carter Rise, who owns Sandpiper LLC and several subsidiaries, paid $5.07 million for the hotel at 11544 N. Harrells Ferry and $5.5 million for the hotel at 8382 Airline Highway, documents filed with the city-parish show.

Rise could not be reached for comment, though published reports have him buying Value Place hotels in other markets.

The hotels previously had by out-of-state ownership.