Preston Place North and South at 400 Preston Blvd. in Bossier City, Louisiana — Courtesy: Reynolds Asset Management
By Joshua Burd
Reynolds Asset Management has added to its portfolio outside New Jersey with two deals in Louisiana, where it acquired a combined 500 apartments in and around Shreveport.
In the larger deal, the Paramus-based firm partnered with Devli Real Estate and iintoo to purchase 272 units at 400 Preston Blvd. in Bossier City. Built in 1985, the property sits on eight acres and consists of one-, two- and three-bedroom apartments, with stabilized rents ranging from $880 to $1,265 monthly.
The new owners are slated to begin renovations at the properties, previously known as Preston Place and Port Au Prince, and rebrand them as Preston Place North and South.
“Our team was drawn to Louisiana and these properties specifically given their location within a strong market, stable workforce and tremendous in-place tenancy,” said Lou Reynolds, CEO of Reynolds Asset Management. “We’re excited to expand our firm’s portfolio again this year into a new region and to foster economic growth within these cities — something our team values in each of the markets we invest in.”
John Hamilton and Josh Jacobs of Marcus & Millichap brokered the sale.
“We are thrilled to partner with Reynolds on this multifamily acquisition, representing a strategic investment in quality housing below replacement cost,” said Mark Devli, chief investment officer of Devli Real Estate. “This acquisition strengthens our residential portfolio and underscores our commitment to investing in overlooked, thriving demographic submarkets across the U.S.”
In Shreveport, Reynolds and partner Newport Capital Group acquired the Townhomes at South Highlands at 1103 Dudley Drive, according to a news release. The firms now plan to renovate the 228-unit property, which sits on 17 acres and includes a mix of one-, two- and three-bedroom apartments with stabilized rents ranging from $715 to $1080 per month.
The deals come three months after Reynolds’ expansion to Ohio, where it purchased a 125-unit property outside Cleveland.
“Reynolds identified and negotiated this attractive acquisition in a growing market which has regional significance as a logistics and manufacturing hub, serving a population of approximately 60 million people within a 500-mile reach,” said Ally Golan, a senior vice president and managing director at iintoo. “The robust fundamentals, rent growth potential and Reynold’s proven operating expertise are some of the strengths that drew us to this investment and we are confident in its potential success.”