The Highland Plantation Apartments, a 420-unit complex on Highland Road near Lee Drive, has been sold for nearly $23.9 million to a group of investors who plan to make significant improvements to the property.
FPA/WC Highland Plantation LLC purchased the complex at 5151 Highland Road in a deal that was filed Wednesday with the East Baton Rouge Parish Clerk of Court’s Office. The seller was Highland Plantation II LLC, a company set up by Baton Rouge apartment owner and developer Robert W. Day. FPA/WC Highland Plantation is a company set up by Fowler Property Acquisitions, a San Francisco-based real estate investment group with more than 80,000 apartment units in its portfolio.
As part of the deal, Fowler will assume a $16.1 million mortgage on the apartment complex.
Boyce Rigby and Chad Rigby, of Stream Realty Partners’ Baton Rouge office, represented the buyer and the seller.
Chad Rigby said the complex is “full.” According to the Highland Plantation website, units in the complex rent for between $668 for a 676-square-foot one-bedroom, one-bathroom unit to $1,365 for a 1,378-square-foot four-bedroom, two-bathroom unit.
The new owners plan to make extensive renovations to the complex, but Chad Rigby did not have an exact dollar amount. According to Fowler’s website, it appears the complex will be renamed The Hub at Baton Rouge.
“They liked the LSU market and thought it was a great opportunity,” Chad Rigby said.
Highland Plantation was built in the 1970s and had been called Plantation Trace apartments.