30090 Mayer Street, Walker, LA 70785
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Executive Summary
Berkadia’s Multifamily Investment Sales Team is pleased to announce the exclusive listing of Corbin Place Apartments (“The Property”), a 72-unit build-to-rent horizontal apartment community perfectly situated off State Highway 190 (SH-190) in the City of Walker, Louisiana. Developed in 2004 (48 units) and 2024 (24 Units), the Property is built across 2.6-acres. The unique subdivision nature of the community provides ample amounts of open-air space and gives residents a harmonious, townhome-style feeling.
Corbin Place Apartments provides residents with immediate access SH-190, which provides direct connectivity to Downtown Walker (3-minutes) and connects to one of Louisiana’s major East-West running arterials, Interstate-12 (I-12). These two major arterials collectively transport approximately 101,000+ daily drivers, enabling residents to quickly access all their daily needs including groceries, retail shopping, and local eateries. Furthermore, residents are a short commute to Baton Rouge, Louisiana (25-minutes) which houses thousands of employment opportunities such as Louisiana State University (5,550 Jobs), Port of Greater Baton Rouge (20,000 Jobs), Turner Industry Groups (8,830 jobs), Our Lady of the Lake Regional Medical Center (6,110 Jobs), Woman’s Hospital (2,290 Jobs) and Exxon Mobile (5,500 Jobs), among others. The immediate connectivity that is provided by SH-190 and I-12 provides residents with connectivity to thousands of high paying jobs and will continue to be a huge advantage for the asset and a potential investor.
Corbin Place Apartments provides an investor with the opportunity to own a distinguished asset among the competitive set. Additionally, the flexibility offered by the major arterials directly next to the property in SH-190 and I-12 enable residents to quickly access key entertainment and employment hubs within the greater Baton Rouge area.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Gregg Cordaro
Louisiana and Phoenix Team Information
Managing Director 225.922.4587
gregg.cordaro@berkadia.com
Justin Cole
Managing Director
512.226.8711 justin.cole@berkadia.com
Justin Chambers
Director
512.969.6838 justin.chambers@berkadia.com
Adam Sumrall
Director
512.960.2674 adam.sumrall@berkadia.com
Kelly Witherspoon
Senior Managing Director
512.226.8706 kelly.witherspoon@berkadia.com
The State of Louisiana achieved historic levels in 2023, as private companies announced plans to invest more than $25 billion in economic development projects across the state. It was the state’s seventh consecutive year-over-year capital investment growth, and the third consecutive year that project wins totaled $20 billion or more.
The 2023 Louisiana Economic Development Annual Report noted that the recent growth trajectory was accompanied by the creation of more than 16,000 potential new direct and indirect jobs. For the eight years of Gov. John Bel Edwards’ administration, more than $105 billion in new investment has been announced and more than 95,000 potential new jobs created. Governor Edwards said “an economic future that seemed quite uncertain in 2016 is filled with progress and potential prosperity in 2024 and beyond. The record levels of investment that we attracted have helped to create jobs that put more citizens to work than at any other time in our history. We have brought stability and consistency to the business of economic development in Louisiana, made investments to improve our economic condition for the long haul through sector diversity, and set Louisiana on a sound financial footing going forward.”Source: Louisiana Economic Development (LED)
MASSIVE CAPITAL INVESTMENTS POSITION LOUISIANA FORSUBSTANTIAL GROWTH
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The current owners have recently completed 24 new units in 2024 at Corbin Place Apartments, presenting an excellent opportunity for a prospective investor to renovate the original 48 units from 2004. The demand for modern apartment features is evident from the success of these new units. The 24 Premium units boast upgraded amenities such as stainless-steel appliances, granite countertops, modern cabinetry, sophisticated lighting, and brushed nickel hardware, distinguishing them from the 48 Classic units. These contemporary units command a premium of $440 per unit per month on average over the Classic existing rents and $250 per unit per month over current market rents. There is further opportunity to increase revenue by gradually adjusting the rents of the 48 units from an average of $1,087 to the more recent effective rate of $1,300 as leases come up for renewal. This strategy could significantly reduce the loss to lease and align the rents closer to the current market rate.
PROVEN VALUE-ADD WITH REMAINING OPERATIONAL UPSIDE FROM LOSS TO LEASE COMPRESSION
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Walker, LA has experienced an average single family median sale price of $260,000 in May of 2024. Due to the heightened cost of borrowing and the increased costs of insurance, Corbin Place Apartment’s effective rents cost 67% less than the projected PITI for homeownership in Walker. The disparity demonstrates how soaring home prices have made renting a relatively affordable living option for many, and this evolving dynamic will continue to translate into fantastic rent growth at the Property.
HEIGHTENED PITI COSTS FOR HOME OWNERSHIP INCENTIVIZERENTING FOR LONGER
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Corbin Place Apartments stands to benefit greatly from the lack of multifamily inventory in Walker, LA. To date there are only two apartment communities within Walker that amount to 203 units. When you account for the current limited supply of apartment communities coupled with the fact that there are no communities either planned or under construction in Walker, a potential investor could standto massively benefit from being a uniquely positioned community offering to residents seeking a more affordable alternative to home ownership. Additionally, the Property stands to benefit greatly from future rent growth and occupancy fundamentals.Currently, Yardi Matrix forecasts an annual rent growth projection of 5.32% and an average occupancy of 92.74% from 2025 to 2029.
OUTSTANDING FORECASTED FUNDAMENTALS COUPLED WITH LIMITED SUPPLY PROVIDE MASSIVE RENT GROWTH RUNWAY
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Corbin Place Apartments provides a style of living that distinguishes itself from other traditional apartment communities. Built in 2004 (48 units) and 2024 (24 units), the 2.6-acre property has a quiet, subdivision-style ambiance with plenty of open-air space throughout the community. With two-bedroom floor plans averaging an incredibly large 1,100 square feet, the Property offers individuals and families alike a low density, single story living environment that has proved to be favorable. The apartment amenities feature fully equipped kitchens with granite countertops and stainless-steel appliances in select units, walk-in closets, washer/dryer connections, ceiling fans, and outdoor patios. Through its floor plans and interior amenities, Corbin Place Apartments will continue to attract residents who are looking for thoughtfully designed, modern apartments within a clean and safe community.
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UNIQUE SINGLE-STORY COMMUNITY WITH ANEXPANSIVE FLOORPLAN
Built: 2004 | 2024
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Cameron Hart
Senior Director512.226.8708cameron.hart@berkadia.com
Corbin Place Apartments offers residents extremely favorable drivability. Being located adjacent to US-190, residents are a short three-minute drive from downtown Walker where they have access to local retail and fast-food options such as Walmart, Taco Bell, Jack in the Box, Popeyes, McDonalds, Raising Canes, among others.
Additionally, residents are a 12-minute drive from Juban Crossing which houses notable retailers such as Academy Sports, Michaels, Five Below, Hobby Lobby, and Movie Tavern, among others.
Furthermore, the Property is located within a 25-minute commute from downtown Baton Rouge, LA, whose population consists of over 220,000 residents and houses a plethora of notable employers and entertainment options. Due to its critical location along the Mississippi River, the Port of Baton Rouge has become the 10th largest in the United States by tonnage shipped. Due to the robust economy within Baton Rouge, many eminent employers such as the Port of Greater Baton Rouge (20,000 Jobs), Turner Industry Groups (8,830 jobs), Our Lady of the Lake Regional Medical Center (6,110 Jobs), Woman’s Hospital (2,290 Jobs), Exxon Mobile (5,500 Jobs), among others, have established a presence and provide meaningful employment opportunities for residents of Corbin Place Apartments.
Lastly, Baton Rouge is the home of Louisiana State University (LSU) which is the flagship university and the state’s largest institution of higher education. LSU has a student body population of roughly 39,419 which is inclusive of undergraduates and graduate programs and has 5,550 faculty members. The cornerstone of Louisiana’s higher education system is a mere 29-minutes from the property and provides meaningful opportunities for employment to residents at Corbin Place Apartments.
MAJOR ARTERIALS CLOSE BY PROVIDE EFFICIENT CONNECTIVITY TOMAJOR ENTERTAINMENT AND EMPLOYMENT HUBS
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The State of Louisiana achieved historic levels in 2023, as private companies announced plans to invest more than $25 billion in economic development projects across the state. It was the state’s seventh consecutive year-over-year capital investment growth, and the third consecutive year that project wins totaled $20 billion or more.
The 2023 Louisiana Economic Development Annual Report noted that the recent growth trajectory was accompanied by the creation of more than 16,000 potential new direct and indirect jobs. For the eight years of Gov. John Bel Edwards’ administration, more than $105 billion in new investment has been announced and more than 95,000 potential new jobs created. Governor Edwards said “an economic future that seemed quite uncertain in 2016 is filled with progress and potential prosperity in 2024 and beyond. The record levels of investment that we attracted have helped to create jobs that put more citizens to work than at any other time in our history. We have brought stability and consistency to the business of economic development in Louisiana, made investments to improve our economic condition for the long haul through sector diversity, and set Louisiana on a sound financial footing going forward.”Source: Louisiana Economic Development (LED)
06
Corbin Place Apartments offers residents extremely favorable drivability. Being located adjacent to US-190, residents are a short three-minute drive from downtown Walker where they have access to local retail and fast-food options such as Walmart, Taco Bell, Jack in the Box, Popeyes, McDonalds, Raising Canes, among others. Additionally, residents are a 12-minute drive from Juban Crossing which houses notable retailers such as Academy Sports, Michaels, Five Below, Hobby Lobby, and Movie Tavern, among others.
Furthermore, the Property is located within a 25-minute commute from downtown Baton Rouge, LA, whose population consists of over 220,000 residents and houses a plethora of notable employers and entertainment options. Due to its critical location along the Mississippi River, the Port of Baton Rouge has become the 10th largest in the United States by tonnage shipped. Due to the robust economy within Baton Rouge, many eminent employers such as the Port of Greater Baton Rouge (20,000 Jobs), Turner Industry Groups (8,830 jobs), Our Lady of the Lake Regional Medical Center (6,110 Jobs), Woman’s Hospital (2,290 Jobs), Exxon Mobile (5,500 Jobs), among others, have established a presence and provide meaningful employment opportunities for residents of Corbin Place Apartments.
Lastly, Baton Rouge is the home of Louisiana State University (LSU) which is the flagship university and the state’s largest institution of higher education. LSU has a student body population of roughly 39,419 which is inclusive of undergraduates and graduate programs and has 5,550 faculty members. The cornerstone of Louisiana’s higher education system is a mere 29-minutes from the property and provides meaningful opportunities for employment to residents at Corbin Place Apartments.
MAJOR ARTERIALS CLOSE BY PROVIDE EFFICIENT CONNECTIVITY TOMAJOR ENTERTAINMENT AND EMPLOYMENT HUBS
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Investment sales
mortgage banking
Mark Forrester
Senior Managing Director602.912.1630mark.forrester@berkadia.com
Andrew Curtis
Senior Director602.522.1428
andrew.curtis@berkadia.com