Indigo Park Apartments by Cortland, a 330-unit complex on Nicholson Drive, has been sold for $46.4 million.
Indigo Park Property Owner LLC purchased the complex at 11959 Nicholson in a deal that was filed Wednesday with the East Baton Rouge Clerk of Court’s Office. The LLC has the same mailing address as JRK Property Holdings, a Los Angeles-based investment firm that owns more than 32,000 apartment and luxury hotel units across the U.S. JRK’s website doesn’t list any Louisiana properties.
The seller was Cortland Partners of Atlanta. Cortland had been trying to sell Indigo Park for several years.
Craig Davenport, an appraiser with Cook, Moore, Davenport & Associates who tracks the Baton Rouge apartment sales, said the deal works out to about $140,606 a unit, which he said is a good price that’s consistent with the local market.
“There are nice units, with a nice clubhouse and a great pool area,” he said. “It’s a good complex with good finishes.”
The sale shows how the Baton Rouge apartment market continues to be appealing to out-of-state investors, Davenport said.
According to marketing materials, Indigo Park was built in 2008 and has a 95% occupancy rate. Units start at $1,021 a month for a one-bedroom and go up to $1,427 a month for a three bedroom.
Officials at Indigo Park said there are no immediate plans to make changes at the complex.