LSU-area apartment complex sells for $23.8 million

The Villas at Riverbend, an LSU-area apartment complex, has been purchased by a Chicago-based private equity firm for nearly $23.8 million.

Riverbend Owners LLC bought the complex at 5689 River Road in a deal that was filed Thursday with the East Baton Rouge Clerk of Court’s Office. The seller was 5689 River LLC, a limited liability company set up by California-based Saban Capital Group.

Riverbend Owners is a limited liability company set up by Ashland Capital, a Chicago company that has more than 1,500 apartment units in its portfolio, mainly in the Southeast and Midwest.

The Villas at Riverbend is a 105 unit development with 308 beds. The property opened in 2011. Rents in the development range between $715 for a bed in a four-bedroom, four and a half bath unfurnished unit to $915 for a bed in a two bedroom, two and a half bath furnished unit.