The Highlands is a 2008-built, 116 unit, Class “A” apartment community located in Lafayette, LA.
The project consists of one, two and three bedroom apartment units averaging 1,345 SF and was built for an all-in cost of $13.5mm by a local developer. The Property was acquired by Gulfstream in July ’10 for $9.2mm via a note purchase and simultaneous deed-in-lieu. The purchase price represents a 24% discount to the senior loan balance and 40% discount to replacement cost. At the time of acquisition, the Property was 78% occupied, well below the 93%+ submarket average.
- Acquire a distressed, bank-owned multifamily property and replace the bank appointed management company and receiver with The Lynd Company’s platform
- Increase physical and online visibility and traffic through online promotional programs and updated marketing collateral
|Investment Type:||Distressed Multifamily Opportunity|
|Status:||The Highlands has become the premier multifamily property in Lafayette, Louisiana.|