Baton Rouge Business Report: Bristol Place Apartments on Siegen Lane sells for $38.25 million
Published July 14, 2014
Bristol Place Apartments, a 312-unit complex at 5960 Siegen Lane that is 98% occupied, has been sold to Miami-based investment group Pensam Capital for $38.25 million. The seller of the complex—which was built in 2008 and consists of a total of nearly 282,000 square feet of rentable space across 10 three-story buildings, as well as a three-story parking garage—was AMG Bristol Place LLC, which is represented by a number of partners including A.C. Lewis Management. “We purchased Bristol Place Apartments in December of 2011 for $32.45 million and had concessions in place of over $30,000 per month,” says A.C. “Bubba” Lewis in a prepared statement. “We were able to eliminate the concessions while maintaining a high occupancy, increasing the value and generating a significant return to the investors.”
The Times Picayune: Bristol Place Apartments on Siegen Lane sells for $38.25 million
Published July 15, 2014
Luxury apartment home community Bristol Place on Siegen Lane down from Airline Highway sold for $38.25 million, $5.8 million more than the original purchasing price two and a half years ago.
A.C. Lewis Management and AMG Bristol sold the 312-unit complex to Pensam Capital on Friday (July 11). The purchasing price represented an average of price of $122,596 per unit.
A.C. Lewis Management claimed to be one of the first Baton Rouge companies to use a revenue management system that sets rental rates based on a supply and demand model.
The Advocate: Bristol Place Apartments sell for $38.25 million
Published July 19, 2014
The Bristol Place Apartments on Siegen Lane have been sold for $38.25 million to a Miami-based company.
Pensam Capital purchased the 312-unit complex in a deal that closed Friday, said officials with A.C. Lewis Management, the Baton Rouge-based company that owned and managed Bristol Place.
Pensam has a portfolio of more than 11,000 apartments across the U.S., including properties in Texas, Florida, Illinois and Iowa. The company handles everything from apartment financing and construction to acquisitions and property management.