The purchase marks the company’s entry into the multifamily market.
Atlanta-based Songy Highroads has purchased 136 rental units at Jefferson Place, a garden-style apartment and townhome community located in Baton Rouge, in an off-market transaction. The seller was a partnership between local developers John Fetzer and Hardy Swyers. The acquisition marks the entry of Songy Highroads into the multifamily market.
Jefferson Place comprises 58 buildings located on 25 acres at 7975 N. Jefferson Place Circle. The rental portion includes 136 of the community’s 234 units. Occupancy rates have consistently averaged in the mid-90s for the past three years. Unit amenities include screened porches, vaulted ceilings, wood-burning fireplaces and upgraded fixtures. Community amenities include two swimming pools, a playground, and a clubhouse with a fitness center. The 98 privately owned condominiums at Jefferson Place were not included as part of the deal.
“The Baton Rouge market has come a long way in the past few years, and its future looks bright,” said Todd Nocerini, COO of Songy Highroads. “In addition, Jefferson Place is an unparalleled community in the market with great fundamentals. This deal provides a great opportunity for us to diversify our business while strengthening our presence in the Louisiana market.”
Songy Highroads will undertake a capital improvements program that will include new monument signage along Jefferson Highway, enhanced landscaping, and upgrades to the community’s clubhouse and fitness center. Songy Highroads also will continue to strategically renovate the apartments. Latter & Blum Property Management, a trusted partner, will provide property management services as well as manage the community’s two condominium associations.
“It’s a nice luxury property in a high demand area,” said Laura White, vice president of multifamily for Latter & Blum Property Management. “We’re very happy to have been selected as property manager.”
In addition to Jefferson Place, Songy Highroads owns a five-building office portfolio in Louisiana totaling more than 360,000 square feet. Four of the buildings are located in Baton Rouge’s highly sought-after Acadian/College submarket, and the fifth building is located in Metairie, a high-performing suburb of New Orleans.