Key bought the 224-unit complex in a deal that was filed Thursday with the East Baton Rouge Clerk of Court’s office. The seller was LaSalle Investment Management of Chicago.
Key owns and manages several upscale Baton Rouge apartment complexes, including Mansions in the Park and Ivy Park. TJ Iarocci, the CEO of Key, is also involved in the redevelopment of the Commerce Building in downtown Baton Rouge.
“We’re very bullish on Baton Rouge,” Iarocci said. “Over time, we’ve owned more than 2,000 Class A apartments in Baton Rouge.”
Lakeside Villas, which opened in 2003, is 95 percent occupied. It is located at 2455 Weldwood Drive. Units in the complex rent for just under $800 for a 580-square-foot, one-bedroom to nearly $1,150 for a 1,137-square-foot, two-bedroom unit.
Plans are for Key to take over management of the property and to make some improvements to the complex. Iarocci said the firm will spend “six figures” on landscaping the property. New kitchens and baths will be installed in the apartments, Iarocci said. Key will spend about $1.5 million on those improvements.
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