The Millennium Towne Center apartments, an upscale complex located on Jefferson Highway, has been sold to a major Chicago-area real estate company for $49.7 million.
Baton Rouge Multifamily Trust DST bought the complex at 6810 Jefferson Highway in a deal that was filed Wednesday with the East Baton Rouge Clerk of Court’s office. The seller was Thompson/Morgan Baton Rouge I DST, of Pittsford, New York, which is affiliated with the Morgan Companies, a national apartment firm. Morgan Companies bought Millennium Towne Center in June 2009 for $39.8 million.
Baton Rouge Multifamily is a trust set up by the Inland Real Estate Group of Companies, which is based in Oak Brook, Illinois. Inland owns and manages more than 81,000 apartment units in 49 states.
Millennium Towne Center is a 276-unit apartment complex that opened about 12 years ago. According to ApartmentSearch.com, units in the complex rent between $900 for a 734-square-foot one-bedroom, one-bath unit to $1,701 for a 1,386-square-foot unit with three bedrooms, two baths.
At the time of the sale, the Millennium Towne Center had a 95% occupancy rate, said Craig Davenport of real estate appraisal firm Cook, Moore, Davenport & Associates, who tracks the Baton Rouge apartment market. He called the complex a “great property in a great location that is well-maintained.”
“This shows that there is still a lot of out-of-state interest in our market,” he said.