Parkview and Trichell Apartments is up for sale!
After decades in the Southside community, the Turrentine family is dumping the infamous Parkview and Trichell Apartments.
On April 1, 2021, A Baton Rouge based realtor called, CBRE Affordable Housing, sent out communications nationwide to potential investors announcing the availability of the 315 units that comprise both adjacent properties. The asking price is $15.5 million, but real-estate veterans think it will actually sell for half that price.
The units are being promoted with the following highlights: Attractive 6.24% cap rate for a sizable HAP property with guaranteed contract renewal in 2024, Strong historical occupancy above 96%, Buyer may place new financing on the asset.
The promotion also included the following description: “A mix of one-, two-, three-, and four-bedroom units include cable TV, in-unit washer and dryer connections (Trishell only), and air conditioning.. Community amenities include an on-site laundry facility, playground, and leasing office. Recent capital expenditures include roofs replaced in 2019.”
The advertisement does not mention that the area has been a magnet for criminal elements, and is the site of numerous shootings and murders each year. Its reputation for being an unsafe property was not included.
One potential buyer told the Free Press that the property’s past does not matter because it would probably be vacated, renovated, and marketed to a more stable tenant-based such as seniors or working families.