Commercial real estate firm acquires Riverside Oaks Apartments; Surpasses 1,000 units in market
Expanding its multifamily real estate portfolio in the greater Shreveport metropolitan area, New Jersey-based Reynolds Asset Management (Reynolds) acquired its fifth apartment complex in the market. In partnership with the Slabotsky Family Office (SFO), Reynolds purchased the Riverside Oaks Apartments for $9.5M with plans to invest over $4M to significantly improve the property. John Hamilton of Marcus & Millichap brokered the transaction, with Tom Didio, Max Custer and Michael Mataras of JLL Capital Markets procuring 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 complex will undergo notable renovations including new roofs, driveways, site lighting, landscaping and fencing, as well as pool and dog park upgrades, security improvements and upgraded interiors – all in an effort to bring the property back to its elevated status. Renovations are anticipated to begin immediately and continue over the next two years.
“We are incredibly grateful for the opportunity to partner with Reynolds Asset Management on our first deal together,” says Noah Slabotsky, President of Slabotsky Family Office. “They have a stellar track record in the multifamily space and we hope to collaborate on additional projects in the future.”
“We are thrilled to have assisted Reynolds Asset Management in arranging successful acquisition and renovation financing for Riverside Oaks Apartments,” said Custer of JLL Capital Markets. “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.”
For more information on Reynolds Asset Management’s projects in Louisiana, as well as other developments in New Jersey, New York, Pennsylvania, Ohio, Texarkana and Florida, visit www.reynoldsasset.com or contact the Reynolds Asset Management team at info@reynoldsasset.com.
About Reynolds Asset Management
Founded in 2003, Reynolds Asset Management is a passionate team of investors dedicated to providing superior management of commercial real estate projects nationwide. Based in Paramus, New Jersey, Reynolds’ investment and development portfolio includes multifamily, mixed-use, office, and industrial projects in New Jersey, New York, Pennsylvania, Ohio, Louisiana, and Florida, bringing positive change to the communities it touches. For more information on current projects, visit www.reynoldsasset.com or connect with the firm on LinkedIn.
About JLL Capital Markets
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
