By Joshua Burd
Reynolds Asset Management has made another acquisition outside New Jersey, adding a 185-unit apartment complex in Shreveport, Louisiana, in a recent $9.5 million deal.
The Paramus-based firm said it partnered with the Slabotsky family office to purchase the Riverside Oaks Apartments at 109 Southfield Road. They’re now set to invest more than $4 million to significantly improve the property, with plans calling for new roofs, driveways, site lighting, landscaping and fencing, as well as pool and dog park upgrades, security improvements and upgraded interiors.
John Hamilton of Marcus & Millichap brokered the transaction, which gives Reynolds its fifth apartment complex in the Shreveport area. JLL’s Tom Didio, Max Custer and Michael Mataras procured the debt financing.
“The greater Shreveport metropolitan area continues to be a target market of ours and this acquisition serves as a testament to our commitment to investing in this vibrant community,” said Lou Reynolds, CEO of Reynolds Asset Management. “With a considerable capital improvement budget allocated for the property, we look forward to enhancing the overall living experience and meeting the evolving needs of our tenants.”
The renovations are slated to take place over the next two years.
“We are incredibly grateful for the opportunity to partner with Reynolds Asset Management on our first deal together,” said Noah Slabotsky, president of the Slabotsky family office. “They have a stellar track record in the multifamily space and we hope to collaborate on additional projects in the future.”
JLL’s Custer added: “We are thrilled to have assisted Reynolds Asset Management in arranging successful acquisition and renovation financing for Riverside Oaks Apartments. Reynolds’ deep knowledge and understanding of the Shreveport market coupled with their thoughtful value-added business plan allowed our team to deliver a very competitive financing package.”
