FOR IMMEDIATE RELEASE
December 18, 2012
An affiliate of Metairie, Louisiana, based Favrot & Shane Companies, Inc., has acquired the 312 unit Regency Club Apartments in Baton Rouge, LA.
Constructed in 1984 and located just off S. Sherwood Forest Blvd. on the south side of I-12, Regency Club consists of one and two bedroom units averaging 808 square feet. The property is gated and fully amenitized, including a fitness facility, tennis court, sand volleyball court, two swimming pools and resident carports. Individual unit amenities include full sized washer/dryers, wood burning fireplaces and outside storage.
Favrot & Shane’s 1st Lake Properties division (www.1stLake.com) will manage Regency Club. A $1.4 million updating is planned for the property, and will include new exterior siding, exterior painting, revised site lighting and signage, improved landscaping, and revamping of the Resident Services Center.
Regency Club is the third multi-family rental property acquired by Favrot & Shane in Baton Rouge since 2004, joining Lake Towers and Springbrook as part of the 1st Lake Properties, Inc. brand. 1st Lake Properties manages 68 apartment communities in Louisiana and Mississippi on behalf of Favrot & Shane, totaling over 9,000 units. Its commercial property division, Preferred Realty, manages Favrot & Shane’s office, retail, industrial and land investments.