A Metairie-based company has purchased The Zone, a 200-unit apartment complex in Tigerland, for $7.2 million.
PPQBR purchased the complex at 2000 Brightside Drive in a deal that was filed Tuesday with the East Baton Rouge Clerk of Court’s Office. The seller was Sheltering Palms-Baton Rouge II LLC, a group based out of Boca Raton, Florida.
Pratt Provosty, who handles apartment acquisitions for PPQ Development, said the plan is to spend a yet-to-be determined amount upgrading The Zone, including making interior and exterior repairs. Provosty said the complex is more than 90 percent occupied.
Units in The Zone rent for between $575 for a one-bedroom, one-bath unit to $1,025 for a three-bedroom, two-bath unit with a washer-dryer.
Property One, a Metairie-based business with some of the same principals as PPQ Development, will serve as managers for the apartment complex.