Property One, Inc. Sells Bellemont Apartments For $12.8M
METAIRIE, LA – Property One, Inc. President Paul F. Dastugue III, CPM said Property One was appointed Trustee to oversee the Bellemont Apartments in January of 2012.
The property was in very poor condition, he said, with occupancy at approximately 30%. The complex consisted of four buildings (A, B, C and D) containing 291 units and covered two entire city blocks. The property was more than 40 years old. Building D had sustained a fire and was under a demolition order by Jefferson Parish.
The neighborhood Association had filed multiple complaints and Parish violations also contributed to an overall decline in status and effectiveness, Dastugue said.
The property value at that time was estimated to be around $5-6 million dollars and there was a $12 million dollar mortgage on the property, he said.
Property One prepared an extensive management plan and approach to meet the goals of the lending group including making extensive repairs at the property, improving relations with the Parish and neighbors, hiring and training an knowledgeable staff, implementing an effective leasing program and creating and increasing value to eventually sell the asset and pay off the mortgage, Dastugue said.
In February of 2015, the property occupancy was more than 93%. In March the property sold for $12.8 million dollars.
Property One provides real estate services throughout Louisiana, the Gulf Coast, East Texas and Florida. They are licensed in Louisiana, Mississippi and Texas, with offices in Baton Rouge, Lafayette, Mandeville, and Metairie. Their 14 commercial real estate agents specialize in retail, office, investment, land and industrial leasing and sales.