A group of investors has purchased 33 condominium units in The Jeffersonian for $1.9 million.
K B K Real Estate bought the units at 7950 Jefferson Highway from IberiaBank in a deal that was filed Thursday with the East Baton Rouge Clerk of Court’s Office.
Tim Kleinpeter, one of the principals in K B K, along with Billy Bosch and an unnamed investor, said The Jeffersonian was converted from apartments to condos before the Great Recession hit. The bank ended up with the 38-unit complex, which was built in the early 1970s.
“All of the units are rented right now and we’re going to continue to rent them out,” Kleinpeter said. The plan is to keep the current rents the same, which are $775 for a one-bedroom apartment and $850 for a two-bedroom.
Some cosmetic renovations are also planned, such as painting, a new sign and new gutters.
“The building is sound,” Kleinpeter said. “And a good bit was renovated before it was converted to condos. They put in ceramic tile and granite countertops.” Those amenities and The Jeffersonian’s location are going to be selling points in attracting tenants, Kleinpeter said. “You’re so close to Towne Center and you have quick interstate access,” he said.