Covington-based real estate firm Stirling Properties purchased the 384-unit South Point Apartments, located at 221 Verot School Road, and has renamed the complex Retreat at Acadian Point.
Stirling announced in a press release that the deal closed Aug. 28, bringing its total number of units under management to 1,512. The complex was purchased from South Point Operating Associates Ltd. Partnership; the purchase price was not disclosed in the press release and was not listed in the paperwork filed in the Lafayette Parish courthouse. The Verot School Road location last sold in 1994 for $9.5 million.
Built in the 1980s, the property will immediately get significant upgrades, including full-size washers and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, landscaping and a new workout facility, according to the release.
BH Management Services, based in Des Moines, Iowa, is the primary property management firm for all of Stirling’s multi-family properties.