Louisiana State University calls the city of Baton Rouge home, with its students helping to shape the area's multifamily housing market. The apartment complex dubbed Tradition at 777 has proven a popular choice for LSU students, making the property a notable investment and a testament to the region's prominent multifamily market.
Built in 2011, the 1,290-bed property sits at 777 Ben Hur Road near the LSU campus. The multibuilding rental complex offers such amenities as a swimming pool, a fitness center, a business center, community spaces, outdoor sports courts and an LSU bus stop, increasing its appeal to prospective student renters. At the time of sale, the property was fully leased for the upcoming fall semester.
The Athens, Georgia-based real estate firm Landmark Properties purchased Tradition at 777 from Saban Capital Partners in July of 2023. The sale earned a 2024 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the Project: The 384-unit property sits on nearly 57 acres and traded to Landmark Properties for $84.4 million, or just about $219,792 per unit. Saban Real Estate, in partnership with Campus Advantage, had previously acquired it as one of 19 student housing communities from American Campus Communities in a 2016 transaction valued at $508 million.
What the Judges Said: "This sale highlights the enduring demand for multffamily assets, even amid economic uncertainty," said Will Adams CCIM, a broker at Property One. "Despite the increase in interest rates, Baton Rouge and LSU's economic opportunity shines through, reaffirming the resilience of the market. Positioned in a prime location, this property exemplifies the ongoing appeal of multi-family investments."
They Made It Happen: JD Goering, senior vice president of acquisitions for Landmark Properties arranged the purchase of the student housing property.
CoStar Market Manager John Felch contributed.