St. Jean Apartments sold for $35.2 million

The St. Jean Apartments, a 624-unit development near the intersection of South Harrells Ferry Road and O’Neal Lane, has been sold to a group of New York investors for $35.2 million.

St. Jean Clermont TIC LLC and St. Jean TIC II LLC of Brooklyn, New York, bought the apartment complex at 16441 S. Harrells Ferry in three separate transactions Wednesday. The seller was St. Jean Limited Partnership I, II and III of Houston. The sale was brokered by the tax credit group of Marcus & Millichap, a California-based firm, and NAI/Latter & Blum in Baton Rouge.

The St. Jean Apartments were built in 1997 and are aimed at moderate- and middle-income families. The maximum allowable income for a single resident is under $28,000 a year, while a family of four couldn’t have an income above $39,900 and live in the complex.

Ty Gose, of NAI/Latter & Blum, said the new owners bought the 49-acre complex as an investment.