CST Sells The Village at Juban Lakes to Kansas Firm

Read the Advocate article here.

by Timothy Boone

A Kansas City-based real estate company has acquired The Village at Juban Lakes apartment complex in Denham Springs.

Two divisions of Block Real Estate Services purchased the 144-unit luxury apartment complex at 11000 Buddy Ellis Road in Denham Springs for an undisclosed amount.

While much of Livingston Parish was heavily impacted by last month’s flooding, officials said Juban Lakes was not. The complex is near the Juban Crossing shopping center, and Block officials said they foresee additional apartment development.

CST Land Developers, which owned Juban Lakes, developed the complex in 2011. It has an occupancy rate of above 98 percent.

In 2014, CST announced plans to develop a second complex next door to Juban Lakes, the Palms at Juban Lakes. The Palms at Juban Lakes was planned as a 180-unit complex that would cost $22.2 million to build. The Baton Rouge-based company even secured a $1 million investment from the East Baton Rouge Mortgage Finance Authority, the first time the organization teamed up as an equity partner on a development.

But the mortgage finance authority took back its funding for the Palms at Juban Lakes earlier this year at the request of CST, which was trying to get construction costs down.

Block said it foresees additional apartment developments on the 39 acres CST owns in Denham.