A company that converted a Lafayette hotel into workforce housing has bought an apartment complex near the Lafayette Regional Airport for $2.15 million.
Servio Capital bought the Riverside at Oakbourne apartments, a 53-unit complex built at 3600 Simcoe St. that was built in 1991, from an ownership group that included Ronald L. Vidrine of Lafayette and others, land records show.
The Covington-based real estate company converted the Garden Plaza Hotel & Conference Center in north Lafayette into 200 apartments homes after buying the property in 2021 after the hotel went into foreclosure. The project gave Servio an idea of the Lafayette market’s housing demands, CEO and managing partner Ryan Enk said.
The Acadian Crossing is 85% occupied but should be closer to 95% next month.
“We’ve really enjoyed our experience in Lafayette providing workforce housing,” Enk said. “We knew the demand there. This was an off-market opportunity that was brought to us. Our company’s mission is to revitalize areas, and there’s a lot of exterior and interior improvements to make to this property.”
The Riverside at Oakbourne features one-, two- and three-bedroom units in a circle of buildings with pool in the middle. Servio officials plan invest $5,000-$10,000 in upgrades in each unit, Enk said.