Stirling Investment Advisors (SIA), a division of Stirling Properties, recently brokered the sale of Sawgrass Point, a 272-unit, Class-AA multifamily property in the Baton Rouge submarket of Gonzales, Louisiana.
The buyer was Passco Companies, a privately held California-based commercial real estate company. Chad Rigby, CCIM and Saban Sellers with SIA, and Telly Fathaly with Walker & Dunlop represented the buyer and seller in the transaction.
Sawgrass Point, located at 2163 Veterans Boulevard in Gonzales, has immediate accessibility to Interstate 10 and is within 20-minutes of East Baton Rouge and approximately 45-minutes from New Orleans. The property has maintained occupancy of 97% and higher since lease-up.
“This exceptionally crafted community is well-aligned with our strategy to acquire multifamily properties in secondary and tertiary markets that capture the lifestyle-oriented, renter-by-choice demographics,” says Colin Gillis, Senior Vice President of Acquisitions at Passco. “The developer had the foresight to incorporate several next-generation amenities and build the asset to the highest National Green Building Standard.”
The gated community offers 1, 2, and 3-bedroom units with best-in-market amenities such as quartz countertops, stainless steel appliances, walk-in showers and soaking tubs, kitchen islands, faux wood blinds, spacious balconies, walk-in closets, and garages with select townhomes. The property also includes a car wash station, 24/7 package lockers, a resort-style pool, a large fitness center and yoga room, group fitness classes, an outdoor kitchen pavilion, a spacious dog park and dog washing salon, a playground, 24-hour emergency maintenance, pool table, a gift-wrapping room, ice machines, an on-site coffee bar, and a business center.
“Multifamily assets remain an attractive investment, especially in high-growth submarkets like Gonzales and the surrounding Baton Rouge area,” said Rigby. “We enjoyed working with Passco and our partners at Walker & Dunlop through this process and are excited to see this deal come to fruition. SIA and Walker & Dunlop are proud to have played a role in such an excellent acquisition and disposition opportunity for our clients.”
Stirling Investment Advisors specialize in investment sales of retail, multifamily, office, healthcare, and industrial properties, primarily in the robust Gulf South market. For additional information on this transaction or SIA, contact Chad Rigby, CCIM at (225) 329-0265 / crigby@stirlingprop.com or Saban Sellers at (504) 620-8122 / ssellers@stirlingprop.com.
About Stirling Properties
Stirling Properties is one of the most diversified full-service commercial real estate companies in the country. Regionally focused and nationally acclaimed, we specialize in Advisory Services, Commercial Brokerage, Development & Redevelopment, Asset & Property Management and Investments over a wide array of property types across the Gulf South. Connect with Stirling Properties on the web at www.stirlingproperties.com, “like” us on facebook.com/stirlingproperties, follow us @StirlingProp on twitter.com/StirlingProp or subscribe to our Stirling Insights blog.
About Passco Companies, LLC
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multifamily and commercial properties throughout the U.S.
Passco is a full-service real estate company providing services that include asset management, property development and construction.
Headquartered in Irvine, California, Passco currently has $3.7 billion assets under management across the country and is actively growing its portfolio in primary and secondary markets throughout the United States.
