{"id":1004093124,"date":"2014-03-23T21:26:09","date_gmt":"2014-03-24T05:26:09","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=248513"},"modified":"2025-02-19T03:39:26","modified_gmt":"2025-02-19T11:39:26","slug":"investors-buy-condominiums-housing-authority-embarks-on-renovation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investors-buy-condominiums-housing-authority-embarks-on-renovation\/","title":{"rendered":"Investors Buy Condominiums; Housing Authority Embarks on Renovation"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a>Roosevelt Terrace apartments, a 44-year-old low-income housing complex under the ownership of the East Baton Rouge (EBR) Housing Authority, will soon kick off renovations worth $3.67 million, reports the Greater Baton Rouge Business Report<\/em><\/a>. The project is being handled by Partners for Progress, the not-for-profit subsidiary of the EBR Housing Authority and is set to kick off in April.<\/p>\n

The project will update amenities, reconfigure the 50-unit housing complex to feature 40 larger units and raise a wrought iron fence. According to the Greater Baton Rouge Business Report 20 one-bedroom units will be turned into ten three-bedroomers, 20 two-bedroom apartments will be reconfigured into 20 one-bedroom apartments, while ten three-bedroom units will be converted into ten two-bedroom residences. Currently Roosevelt Terrace consist of nine two-story frame and brick veneer townhouse structures and an administration and maintenance building that also houses the laundry facilities. The apartment community is located on a two-acre site at 1225 Roosevelt St.<\/p>\n

In other residential news, The Advocate<\/em><\/a> reported that a group of investors purchased 33 condominiums in The Jeffersonian for $1.9 million from IberiaBank. Buyer K B K Real Estate plans to do some light renovation, such as new paint, on the former apartment building. Major work isn’t necessary as the 38-unit property underwent a more comprehensive renovation prior to being converted. Currently all units are being rented at $775 for a one-bedroom residence and $850 for a two-bedroom unit. The new owners plan to keep current rental rates.<\/p>\n

Built around 40 years ago, the 38-unit Jeffersonian was converted from apartments to condominiums prior to the Great Recession, following which it ended up under bank ownership.<\/p>\n

Image via the East Baton Rouge Housing Authority<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Roosevelt Terrace apartments, a 44-year-old low-income housing complex under the ownership of the East Baton Rouge (EBR) Housing Authority, will soon kick off renovation worth $3.67 million<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815],"class_list":["post-1004093124","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\nInvestors Buy Condominiums; Housing Authority Embarks on Renovation - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/investors-buy-condominiums-housing-authority-embarks-on-renovation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors Buy Condominiums; 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