Investors sink money into Louisiana residences

Tenant-in-common investors recently closed on the purchase of a large apartment complex in Lafayette, La.

Purchased from Goodman Real Estate for an undisclosed price, Emberwood Apartments comprises 296 units in 24 two-story buildings. The property, built in 1985 on more than 14 acres, features approximately 267,000 square feet of residential space and includes a separate building that houses the community's leasing center.

Emberwood provides an average unit size of 901 square feet, and community amenities include two swimming pools, a sports court, BBQ/picnic area, and a children's playground.

At the time of purchase, the property was approximately 95 percent occupied.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.