Retreat at Acadian Point Gets a Makeover!
Stirling Properties is pleased to announce the completion of Retreat at Acadian Point in Lafayette, Louisiana, after an extensive remodeling project. A ceremonial ribbon cutting was held last week to celebrate the grand re-opening of the property.
Stirling Properties acquired the 2-story, 384-unit multi-family complex in August of 2015, and work began on a $4 million renovation. Interior upgrades include brushed nickel hardware, faucets and fans, full-size washer and dryers in all units, new GE appliance packages, new flooring, electronic access gates, new roofs, and more. Exterior upgrades include new swimming pool area, outdoor gas grills, outdoor lounge area and fireplace, updated landscaping, a new state-of-the-art fitness center and large dog park.
“Retreat at Acadian Point is updated with new features and finishes, both inside and out, that will enhance the quality living experience,” said Justin Landry, Asset/Finance Manager for Stirling Properties. “The property looks better than ever, and Stirling Properties is excited to provide Lafayette residents with affordable luxury at a time when the local economy faces some challenges.”
Retreat at Acadian Point is located at 221 Verot School Road in Lafayette, and is currently 92% occupied. Stirling Properties fulfills the role of Asset Manager for the property, while BH Management Services serves as the primary property management firm.
Stirling Properties continues to increase our company reach and footprint. In 2010, we strategically focused our attention toward commercial property acquisition, and creating opportunities for return-driven investors seeking to put capital into real, tangible property across the Gulf South. Earlier this year, we purchased Turtle Creek Crossing shopping center in Hattiesburg, Mississippi, marking the largest retail acquisition in our 40-year history! Since 2010, we have acquired over $200 million in property, totaling 2.1 million square feet—including the Pan American Life Center, which has become the hub of our New Orleans commerce.
The acquisition of Retreat at Acadian Point is part of our on-going growth strategy, bringing Stirling Properties’ multi-family portfolio to 1,293 units!
Stirling Properties Completes Acquisition of 384 Multi-Family Unit in Lafayette, La
Stirling Properties is pleased to announce the acquisition of the 384 multi-family unit “Retreat at Acadian Point” (formerly South Point Apartments) in Lafayette, La. The August 28th closing brings Stirling’s total number of units under management to 1,512.
This 80’s vintage complex will immediately begin significant upgrades including full size washer and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, new landscaping and a new state-of-the-art work out facility.
“Retreat at Acadian Point will capitalize on its excellent location and affordability providing Lafayette residents with affordable luxury at a time when the local economy faces some challenges,” states Jeffrey Marshall, Senior Vice President of Acquisitions. “We have a long history investing, developing, leasing and managing properties in Lafayette and remain committed to the City, Parish and its residents.”
Stirling Properties fulfills the role of Asset Manager for their multi-family portfolio while BH Management Services, based in Des Moines, Iowa, reports to Stirling Properties as the primary property management firm for all of Stirling’s 1,512 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
Forbes: Houma-Thibodaux among America’s Booming Small Cities 2014
Forbes has ranked Houma-Thibodaux the #8 fastest growing small city in the country, featuring the lowest unemployment rate in the USA at 2.8% and per capita personal income growth of nearly 50% from 2000 to 2012.
This ranking on the heels of the recent rankings of Baton Rouge #2, Mobile #3 and New Orleans #5 for Economic Growth Potential by Business Facilities magazine once again demonstrates the tremendous strength and growth of our entire super region. The Top 10 ranking of the Houma-Thibodaux area underscores the primary motivation for our recent acquisition of Ansley Place Apartments in Houma earlier this year.
You can read the entire Forbes article here.
Stirling Properties Completes Acquisition of Ansley Place Apartments in Houma, LA
Stirling Communities II, LLC, an entity of investors led by Stirling Properties, successfully completed their acquisition of Ansley Place Apartments. Ansley Place is a 246-unit “Class-A”, luxury garden-style apartment community located at 100 Ansley Place Court in Houma, Louisiana. Completed in 2008, the Property encompasses thirteen (13) two- and three-story apartment buildings, one (1) single-story leasing office, and four (4) single-story garage buildings on 21 acres of land. The deal closed on April 1, and involved the assumption of an existing HUD 223(f) loan on the property.
“We believe the frenzied activity at Port Fourchon resulting from the return of Gulf exploration, significant expansion projects currently underway at several key service firms in the Houma area, the fully booked pipelines at the shipyards of Edison Chouest and Bollinger, and the various coastal restoration projects either underway or planned, will lead to a substantial increase in the population and employment base of the Houma area over the next five years. With its excellent location, superior floor plans, and premier status in the market, Ansley Place offers our investors a high quality asset located directly in the path of Houma’s growing economy. ,” said Justin Landry, head of Multi-Family Asset Management for Stirling Properties.
“Multi-family is an asset class that Stirling Properties has grown very bullish on in recent years based upon the demographic and economic trends in the nation,” stated Marty Mayer, President and CEO of Stirling Properties. “With the addition of Ansley Place Stirling Investors’ portfolio has grown to more than1,000 units, a significant milestone considering three years ago they did not own a single unit.”
BH Management Services, based in Des Moines, Iowa, runs the day to day activities of the property as is the case with all of Stirling’s 1,042 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
Stirling Communities Update: Tiger Manor Improvements Completed!
Since our last Stirling Communities update, Tiger Manor has come a long way and the renovations are 100% complete! The $1.4 Million in renovations were completed a couple months ago and included these major renovations:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor is currently experiencing a strong summer lease-up season with 5% rental increases on average on the new leases being signed.
Stirling Communities Update: Tiger Manor Improvements
Tiger Manor, a 287-unit student housing property situated just outside the North Gates of LSU, was acquired in September 2012 and added to the Stirling Communities portolio of multi-family properties. Since the acquisition, $1.4 Million in renovations to Tiger Manor are well underway, and are approximately 60% complete. All renovations to the complex are expected to be complete by April 15, 2013.
Major renovations include:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor – New Exterior Paint
Tiger Manor – New Primary Entrance from East State Street
Tiger Manor – Card Access Security Gate Systems – Lake Crest Gate Under Construction
Tiger Manor – New Management Office Renovations Underway
Tiger Manor Pool 1 Renovations – New Deck, Coping, and Resurface Underway
Tiger Manor Pool 2 Renovations – New Coping, Tile, Resurface and Suntan Ledge Underway
