Halstatt Real Estate Partners Announces the Sale of The Legacy at Baton Rouge
Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of The Legacy at Baton Rouge (The Legacy), a purpose-built student housing complex located near Louisiana State University (LSU). The community features 299 units with 898 bedrooms as well as luxury amenities including a gym, study room and three resort style pools. Halstatt partnered with Landmark Properties to acquire the property in March 2021 and quickly implemented a value-add enhancement and rebranding plan that substantially increased rental rates and occupancy.
"The Legacy provided an attractive opportunity to acquire a well amenitized, affordable, and purpose-built student housing community within a high-growth market," said Peggy Lamb, principal, Halstatt Real Estate Partners. "With our rebranding and value-add program, we improved and repositioned the asset which resulted in the property being fully leased for the 2021-2022 academic year and 100% preleased for the 2022-2023 school year. We are thrilled with the results of The Legacy. Achieving a successful and quick turnaround is a testament to the hard work and perseverance of our team and partners."
Located just a mile and a half from LSU's campus, The Legacy has a 1:1 bedroom to bathroom parity ratio, market-leading amenities, spacious floor plans and manicured grounds. It is conveniently located off of Burbank Drive and is surrounded by numerous dining and retail establishments.
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with best-in-class sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven development and investment opportunities.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners ("HREP"), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. https://halstattrealestate.com/
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development and management of high-quality residential communities. With more than $8.9 billion assets under management, Landmark's portfolio includes nearly 90 residential communities across the country with approximately 57,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark's mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
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