Paramus-based Reynolds Asset Management recently announced its expansion into Louisiana with the purchase of two multifamily assets in the Shreveport area.
Working with multiple partners including Devli Real Estate, iintoo and Newport Capital Group, Reynolds successfully closed on two deals: Preston Place and Port Au Prince, located at 400 Preston Blvd. in Bossier City, and the Townhomes at South Highlands at 1103 Dudley Drive in Shreveport, with the goal of transforming both properties to provide elevated rental units in one of Louisiana’s most populated regions.
“Our team was drawn to Louisiana, and these properties specifically, given their location within a strong market, stable workforce and tremendous in-place tenancy,” Lou Reynolds, CEO of Reynolds Asset Management, said. “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.”
With partners Devli Real Estate and iintoo, the Reynolds team acquired the apartments in Bossier City, which will be re-branded as Preston Place North and South. The sale was brokered by John Hamilton and Josh Jacobs of Marcus & Millichap. The property, originally constructed in 1985, sits on eight acres and consists of 272 rental units — a mix of 133 one-bedroom apartments, 138 two-bedroom apartments and one three-bedroom apartment. Stabilized rents range from $880-$1,265 per month. Renovations at the property are expected to start immediately.
On the partnership with Reynolds and the expansion to Louisiana, Marc Devli, CIO of Devli Real Estate, said: “We are thrilled to partner with Reynolds on this multifamily acquisition, representing a strategic investment in quality housing below replacement cost. This acquisition strengthens our residential portfolio and underscores our commitment to investing in overlooked, thriving demographic submarkets across the U.S.”
“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, senior vice president and managing director at iintoo. “The robust fundamentals, rent growth potential and Reynolds’ proven operating expertise are some of the strengths that drew us to this investment, and we are confident in its potential success.”
In Shreveport, the Reynolds team has also acquired the Townhomes at South Highlands, in partnership with Newport Capital Group. Situated on 17 acres, the 228 rental units offer a mix of 31 one-bedroom, 163 two-bedroom and 31 three-bedroom apartments with stabilized rents ranging between $715-$1,080 per month. Renovations of the property are expected to be finished by October 2024.