LAFAYETTE, LA - Rhodium Capital Advisors announced the acquisition of Grand Pointe Apartments, a 266-unit garden style apartment community located in Lafayette, Louisiana. Rhodium plans to implement a comprehensive value-add program to improve the overall quality of the apartment complex and make Grand Pointe Apartments extremely unique and well positioned in the market.
Grand Pointe Apartments was built in 2006 and is spread across 14.3 acres with 9 three-story apartment buildings, a clubhouse and maintenance building. The property is a gated community that offers tenants a tennis court, two designer salt-water pools, a playground, picnic areas with grills, a clubhouse, a fitness center and a cyber-center. The property currently offers units with walk-in closets, extra plush carpeting, outdoor storage, patios or private balconies, washer/dryer connection, ceiling fans in every room and extra-large bathtubs. Rhodium's value-add plan looks to make significant in-unit renovations as well as community amenity improvements and the addition of resident services offered at the property.
"We are pleased to announce that we have acquired Grand Pointe Apartments and are excited about the upcoming investments we will make to the property," says Fredrick Schulman, Managing Partner of Rhodium Capital Advisors. "We believe these renovations and improvements will raise the overall quality of the asset and make Grand Pointe the "best in class" in its market."
Grand Pointe is located in one of the most desirable areas of Lafayette with nearly 7.4 million square feet of retail within a three-mile radius. It is less than a three-mile drive to the prestigious River Marketplace, River Ranch Marketplace, and Acadiana Mall.
Known as the "Hub City," Lafayette serves as a destination for people around the region seeking medical care, retail services, and education. The University of Louisiana Lafayette is located 15 minutes northeast from the property and has 17,500 students, 2,500 staff, and an economic impact of $755 million+ annually on the region.
Source: Rhodium Capital Advisors / #Apartments #Multifamily