New York firm pays $82M for student housing complex near LSU

A New York-based privately held real estate operator and investment management firm has purchased the Park Place student housing complex property outside of LSU’s South Gates.

Timberline Real Estate Ventures acquired the property through Delaware-registered Bla Owner LLC from Park7 Group for $82 million, according to a deal filed Wednesday with the East Baton Rouge Parish Clerk of Court’s office.

Andrew Stark, a principal at Timberline, represented the buyer in the transaction. Arthur Hooper Jr. represented the seller.

Online business filings list the registered agent in Louisiana for Bla Owner as Vcorp Agent Services Inc. in Plaza Tower.

Construction on the roughly $42 million project was completed in 2017. Park Place comprises 280 units with amenities that include a rooftop pool with a hot tub and a jumbotron.

Park7 Group bought the 2.6-acre plot of land on East Boyd Drive for $9.3 million in 2015.

Timberline Real Estate Ventures is a fully integrated real estate operator and investment management firm focused on the residential sector. It has acquired more than $4.1 billion worth of investments since its inception in 2012 and specializes in the development, acquisition and operation of student housing, multifamily and mixed-use retail/residential communities.
In February, Timberline purchased the property housing the off-campus student housing complex The Oliver on Burbank Boulevard for $25.1 million.