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Penny Lane Apartments 209-307 Penny Ln 72 Unit Apartment Building For Sale Ruston, LA 71270
Investment Highlights
- Walkable student housing conversion opportunity near Louisiana Tech University
- Stable turnkey asset with recent roof replacements and operational continuity available
- Exclusively 2- and 3-bedroom units averaging 1,100 SF support strong leasing demand
Executive Summary
Marcus & Millichap is pleased to present the exclusive listing of Penny Lane, a 72-unit apartment community located in Ruston, Louisiana. Positioned within walking distance of Louisiana Tech University and along the university bus route, the property offers a compelling opportunity to reposition into a student housing model through by-the-bed leasing and parent guaranties. Penny Lane features an exclusively two- and three-bedroom unit mix averaging approximately 1,100 square feet, creating strong appeal for both conventional multifamily residents and student housing configurations. Constructed in 2006 with durable brick exteriors and roofs replaced in 2023, the property offers a stable turnkey investment with limited near-term capital needs. Existing ownership is also willing to remain involved in management following the sale, supporting a seamless operational transition. Supported by growing university enrollment, strong healthcare employment, and Ruston’s constrained multifamily supply environment, Penny Lane represents a compelling long-term investment opportunity in a growing university market.
Property Facts
| Sale Type | Investment | Lot Size | 6.91 AC |
| No. Units | 72 | Building Size | 99,396 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 2006 |
| Building Class | C | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.91 AC |
| Building Size | 99,396 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2006 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Handrails
- Trash Compactor
- Vinyl Flooring
- Warming Drawer
- Wheelchair Accessible (Rooms)
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Renters Insurance Program
- Hearing Impaired Accessible
- Maintenance on site
- Multi Use Room
- Online Services
- Vision Impaired Accessible
- Public Transportation
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 36 | - | 1,000 |
| 3+1 | 36 | - | 1,200 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 1237 | Improvements Assessment | $701,873 |
| Land Assessment | $96,896 | Total Assessment | $798,769 |
Property Taxes
Parcel Number
1237
Land Assessment
$96,896
Improvements Assessment
$701,873
Total Assessment
$798,769
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Penny Lane Apartments | 209-307 Penny Ln
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