2C — December 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
O wners , D evelopers & M anagers New Jersey firm closes on deals totaling over $35 Million Reynolds Asset Management adds 500 units to portfolio
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ARAMUS, NJ — On the heels of its west- ward growth into Ohio earlier this year, Reynolds Asset Management (Reyn- olds) announced its expan- sion into Louisiana with the purchase of two multifamily assets in the Shreveport MSA. Working with multiple part- ners including Devli Real Estate, iintoo, and Newport Capital Group , Reynolds successfully closed on two deals: Preston Place and Port Au Prince located at 400 Pres- ton Boulevard in Bossier City, and the Townhomes at South P
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Highlands at 1103 Dudley Drive in Shreveport with the goal of transforming both properties to provide elevated Preston Place
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rental units in one of Louisi- ana’s most populated regions. “Our team was drawn to Louisiana and these proper- ties specifically given their location within a strong mar- ket, stable workforce, and tremendous in-place tenancy,” said Lou Reynolds , CEO of Reynolds Asset Management. “We’re excited to expand our firm’s portfolio again this year into a new region and to foster economic growth within these cities – something our team values in each of the markets we invest in.” With partners Devli Real Es- tate and iintoo, the Reynolds team acquired the apartments in Bossier City which will be re-branded as Preston Place North and South. The sale was brokered by John Hamilton and Josh Jacobs of Marcus & Millichap . The property, originally constructed in 1985, sits on eight acres and consists of 272 rental units. Stabilized rents range from $880 - $1265 per month. Renovations at the property are expected to start immediately. On the partnership with Reynolds and the expansion to Louisiana, Marc Devli , CIO of Devli Real Estate said, "We are thrilled to partner with Reynolds on this multifamily acquisition, representing a strategic investment in qual- ity housing below replace- ment cost. This acquisition strengthens our residential portfolio and underscores our commitment to investing in overlooked, thriving demo- graphic submarkets across the US." “Reynolds identified and negotiated this attractive ac- quisition in a growing market which has regional significance as a logistics and manufactur- ing hub, serving a popula- tion of approximately 60 mil- lion people within a 500-mile reach,” said Ally Golan , se- nior vice president and manag- ing director at iintoo." MAREJ
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