Stirling Properties acquires 246-unit class A Ansley Place Apartments

Stirling Communities II, LLC, an entity of investors led by Stirling Properties, completed the acquisition of Ansley Place Apartments. Ansley Place is a 246-unit class A, garden-style apartment community located at 100 Ansley Place Court. Completed in 2008, the property encompasses 13 two- and three-story apartment buildings, one single-story leasing office, and four single-story garage buildings on 21 acres. The deal involved the assumption of an existing HUD 223(f) loan on the property. "We believe the frenzied activity at Port Fourchon resulting from the return of Gulf exploration, significant expansion projects currently underway at several key service firms in the Houma area, the fully booked pipelines at the shipyards of Edison Chouest and Bollinger, and the various coastal restoration projects either underway or planned, will lead to a substantial increase in the population and employment base of the Houma area over the next five years. With its excellent location, superior floor plans, and premier status in the market, Ansley Place offers our investors a high quality asset located directly in the path of Houma's growing economy," said Justin Landry, head of multifamily asset management for Stirling Properties. "Multifamily is an asset class that Stirling Properties has grown very bullish on in recent years based upon the demographic and economic trends in the nation," said Marty Mayer, president and CEO of Stirling Properties. "With the addition of Ansley Place Stirling Investors' portfolio has grown to more than1,000 units, a significant milestone considering three years ago they did not own a single unit."