The McEnery Company was engaged by an international lending institution to provide an opinion of the AS IS market value of Tuscany Villas Apartments in Baton Rouge, LA. Tuscany Villas is a 274 unit, garden style, Class A apartment complex. The property consists of twelve, three-story apartment buildings, plus a large leasing office which also contains amenities such as a business center, fitness center, and a basketball court. The total gross building area is 258,638 square feet, which includes attached garages and storage units. The net rentable area of the 274 units is 228,522 square feet. Our competitive market survey included data collection of current occupancy and rental rate figures for 1,507 apartment units contained within five competitive apartment complexes located within the immediate Baton Rouge market. Our sales comparison approach included closed sales, a pending sale and a current listing that offered market extracted overall capitalization rates with a coefficient of variation of less than 7%. Tuscany Villas was listed for sale in July of 2012, and closed in December of 2012 for $30.25 million. The complex is arguably one of the nicer multi-family properties in the Baton Rouge MSA.
