A Metairie real estate company recently closed a deal to purchase a 240-unit apartment complex in the Covington area, a nearly $40 million move that will expand its footprint on the northshore.
1st Lake Properties Inc. spent $38.7 million to buy the Brookstone Park Apartments off Ochsner Boulevard, company president James P. Favrot said.
He said the purchase, which closed in October, strengthens the company’s position on the northshore, a company strategy. He said a majority of the company’s apartment complexes are in Jefferson Parish, but that it has expanded into St. Tammany Parish and Mississippi in recent years.Â
“Over the medium- to long-term, we would love to continue to grow there,” he said of the northshore.
The company owns some 10,000 multi-family units and has commercial buildings and storage facilities as well, he said.
The company purchased Brookstone Park from northshore developers Pratt Provosty and Quentin Dastugue.
Brookstone, he added, complements 1st Lake’s four other St. Tammany apartment complexes.Â
He said the company owns and operates Brewster Commons and Artesia in the Covington area, Audubon Gates in Slidell and Grand Palms in Mandeville.
“We see St. Tammany as a good growth market for us,” Favrot said.
Also, he noted, by purchasing existing complexes, 1st Lake avoids the controversies that often engulf proposed apartment developments in St. Tammany, where residents often voice concern to elected officials about the pace of residential and commercial development and the strains it puts on roads and drainage systems.