BATON ROUGE, LA - Berkadia announces it has arranged the sale of Citiscape at Essen, a 299-unit multifamily asset in Baton Rouge, Louisiana. Senior Managing Director Ryan Epstein of Berkadia’s Houston office along with Managing Director Gregg Cordaro of Berkadia’s Baton Rouge office, listed the property on behalf of the seller, Ojala Partners, LP. The Medve Group was the buyer.
“The diversifying market and low cost of living is expected to bring in new residents to Baton Rouge and provide upward pressure on effective rents as the labor market improves,” said Epstein. “Investments from Greentech Materials and Shell’s potential $1.2 billion funding in the region exemplify the continued interest and demand from new jobs these investments would bring, further putting Baton Rouge forward as a compelling multifamily market.”
Built in two phases in 2003 and 2019, Citiscape at Essen is located at 5010 Mancuso Lane, in the middle of the Baton Rouge Medical District. Studios, one-, two- and three-bedroom units include stainless steel appliances, faux wood flooring, granite countertops, washer/dryer and patio/balcony. Community amenities feature a state-of-the-art fitness center, barbecue grills, swimming pool, beverage station, poolside cabanas and Wi-Fi. Most of residents are related to the medical industry, which has allowed Citiscape to maintain a stabilized occupancy during the coronavirus pandemic.
Situated near various transit routes and employers, the community’s prime location in the Baton Rouge Medical District puts residents at a five-minute drive from Interstate 10 and Interstate 12. The community is within walking distance to the some of the major hospitals and about 15 minutes away from Louisiana State University. Additional employers less than 10 miles away including Lamar Advertising, ExxonMobil and Turner Industries.