By Adrian Maties, Associate Editor
In its most recent apartment market report, the real estate firm of Cook, Moore & Associates said vacancies in the Baton Rouge area have declined to 5.68 percent. This level is slightly lower than historical norms. It is not only encouraging developers to add more units to the area, but it is also inspiring some owners to renovate or even expand their properties.
New Orleans-based Key Real Estate Co., CR Properties LLC of Hattiesburg, Miss., and California-based AMCAL represent one such example. The three companies co-own several apartment properties in the Baton Rouge area and, according to The Greater Baton Rouge Business Report, they plan to invest $5.84 million to expand one of them.
The Ivy Park is a luxury apartment complex located at 6444 Jones Creek Road. It offers 252 one-, two- and three bedroom units and amenities, including a pool, a fitness center and a clubroom. According to the property’s website, rents range from $885 per month to $1,375 per month.
The $5.84 million expansion project calls for the construction of three new buildings between a Regions Bank branch near the complex and the Jones Creek Regional Library. It will add about 69,000 square feet of space and 60 apartments.
The Ivy Park’s owners have recently filed a plan review application with the city-parish Department of Public Works. They plan to break ground in the second quarter of 2015, and expect to finish the project by the end of 2015.
The Greater Baton Rouge Business Report also announced that Collis Temple Jr., the owner of The Deville Apartments, has filed permits with the city-parish to remodel the downtown complex. Temple will invest $2.5 million in the project.
A.C. Lewis built The Deville Apartments in 1956. It consists of a 17,000-square-foot main building with 30 apartments, and two smaller buildings with a total of 12,000 square feet and 22 apartments.
Dyke Nelson is the project’s architect. He told the Business Report that the renovation will be financed with the help of state and federal historic building tax credits. Construction is already underway, and the project is expected to be finished by May. The renovated Deville Apartments will feature market-rate units targeted to young professionals.
Photo credit: Key Real Estate Co.