A Georgia firm has paid $33.3 million for the 624-unit St. Jean Apartments, which were heavily damaged by the August 2016 flood.
ACV Baton Rouge LLC bought the complex, near South Harrells Ferry Road and O’Neal Lane, from St. Jean Clermont TIC LLC and St. Jean TIC II LLC, a group of Brooklyn, New York, investors. The New York investment and management firm acquired St. Jean in June 2014 for $35.2 million.
ACV Baton Rouge was incorporated in Delaware and has a Peachtree Corners, Georgia, mailing address.
The apartments have been under contract since April, but the buyer had not been disclosed.
The 2016 flood damaged all 312 units on the first floor of the apartment complex. Although the second-floor units were not damaged, all of the tenants were evicted in September because of gutting and other work being done on the first floor. Among other things, the firewalls had to be torn out, which left the apartment buildings and residents at more risk.
All of the units remain vacant, but repairs are expected to begin soon, according to the Louisiana Housing Corp., which issued tax credits for the construction of the development and must transfer those credits to the new owner.
Then known as the Louisiana Housing Finance Agency, it awarded $32 million in tax credits for the project in 1993. The apartments were built in 1997 and are aimed at moderate- and middle-income families. The apartments were the source of some controversy before construction, with residents in neighboring subdivisions complaining about potential congestion in the area.
ACV Baton Rouge's mailing address and manager, Andrew Schwarz, is the same as that of Audubon Communities, an Atlanta-based firm that acquires and manages apartment complexes throughout the Southeast. Audubon Communities' website shows the firm has 15 complexes in its portfolio, including three Louisiana properties: the 220-unit Bella of Baton Rouge; 268-unit American Can Apartments in New Orleans; and 384-unit Tanglewood in Westwego.