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.