Starboard Realty Advisors, a sponsor of non-traded alternative investments, has reported two recent transactions, including the purchase of a multifamily community located in Gonzales, Louisiana and the sale of a newly constructed Kentucky Fried Chicken store in Barstow, California.
Starboard purchased Silver Oaks, a 336-unit, Class A multifamily property is located in Gonzales, Louisiana, just south of Baton Rouge. Community amenities at the low-rise community include a swimming pool, grill area, fire pit with seating, 24-hour fitness center, lake with fountains, clubhouse, playground, gated entrance, dog park, covered parking, and common area WIFI. Silver Oaks was completed in 2019 and was 98.21 percent leased at the time of purchase.
Planned capital improvements at the property include a tech package, two additional dog parks, and installing security cameras in addition to electronic locks in the office to facilitate renting the clubhouse after hours.
“The previous moratorium on new development in Ascension Parish has constrained the supply of new apartments in the area which will facilitate stronger property performance and rent growth,” said Stephen Carlton, partner and chief operating officer.
Separately, Starboard sold a newly constructed Kentucky Fried Chicken in Barstow, California for approximately $2.9 million. The property was a built-to-suit construction with a drive-through and opened for business in February 2022.
The property is located on E. Main Street, near the I-15, a major corridor between Los Angeles and Las Vegas. Neighboring tenants include Dutch Bros Coffee, Taco Bell, McDonald’s, and Burger King among others.
The firm provides investment opportunities to accredited investors, family offices and institutional partners through investment vehicles that include Delaware statutory trusts/tenant-in-common offerings and limited liability companies.