The Bristol Place Apartments on Siegen Lane have been sold for $38.25 million to a Miami-based company.
Pensam Capital purchased the 312-unit complex in a deal that closed Friday, said officials with A.C. Lewis Management, the Baton Rouge-based company that owned and managed Bristol Place.
Pensam has a portfolio of more than 11,000 apartments across the U.S., including properties in Texas, Florida, Illinois and Iowa. The company handles everything from apartment financing and construction to acquisitions and property management.
Bristol Place opened in 2008 and is 98 percent occupied, according to A.C. Lewis. Units in the complex have rents starting at $960 a month for a one-bedroom with a year lease and $1,130 for a two-bedroom with a year lease. The complex features amenities such as a three-story parking garage, sand volleyball court and a resort-style pool.
Craig Davenport, an appraiser with Cook Moore and Associates who tracks the Baton Rouge apartment market, said the sale is significant because A.C. Lewis is known more for acquiring properties than for selling them.
“This is great for the apartment market,” Davenport said. “It shows the appreciation in the market right now.”
A.C. Lewis bought Bristol Place in December 2011 for nearly $32.5 million. With Friday’s sale, the company saw an 18 percent increase on the price of the complex in just under three years, Davenport said.
Bristol Place was able to sell at an increased price because, other than the High Grove apartments near the Mall of Louisiana, no new upscale complexes have opened in Baton Rouge in the past six months or so.
“The occupancies are continuing to increase,” he said.
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