Multifamily investor gains Louisiana assets

Portfolio comprises 1970s-era properties

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Marcus & Millichap arranged the sale of a five-property apartment portfolio totaling 526 units in Metairie, La. The total value of the portfolio was $24.8 million. West Springfield, Mass.-based Aspen Square Management Co. sold the properties to a New York City-based investment firm. The portfolio is comprised of La Maison Apartment Homes, Covington Square Apartment Homes, Villa D' Venus Apartment Homes, Val Halla Apartment Homes and Cypress Winds Apartment Homes. La Maison, the largest of the five properties, consists of 176 units and is located at 2308 and 2408 Houma Blvd. The property, constructed in 1972, includes 170,050 rentable square feet and was totally renovated in 1998. The community has four unique courtyards surrounded by oversized one-bedroom apartments and two-bedroom townhomes. The unit mix includes one studio, 70 one-bedroom/one-bath apartments and 105 two-bedroom/1.5-bath floor plans with sizes ranging from 630 square feet to 1,132 square feet. The complex also f...