The Dinerstein Companies has purchased five acres of land and a 10-unit apartment building behind the Southgate Towers from developer R.W. Day for $11.25 million.
The Houston company plans to build an upscale student housing development in 2015 on the land, which is west of Burbank Drive and West Parker Boulevard, southeast of the LSU Co-op bookstore.
Ben Skilman, of Skill Real Estate, who represented Day in the transaction, said the deal worked out to just under $48 per square foot.
Skilman said the 10-unit apartment building, called the Campanile, is at West Parker and Burbank and will probably be taken down.
An official with Dinerstein said it was too early to discuss plans for the development.
Day confirmed the sale but was in a meeting and could not discuss the matter immediately.
The Dinerstein Companies’ student housing subsidiary, Sterling University Housing, has built two developments in Baton Rouge but no longer owns them. It sold Sterling Crescent in 2004 and Sterling Northgate in 2010.