{"id":3428,"date":"2015-08-20T08:00:46","date_gmt":"2015-08-20T13:00:46","guid":{"rendered":"https:\/\/bestofswla.com\/?p=3428"},"modified":"2015-08-25T11:48:32","modified_gmt":"2015-08-25T16:48:32","slug":"multifamily-housing-market-booming-in-lake-charles","status":"publish","type":"post","link":"https:\/\/bestofswla.com\/2015\/08\/20\/multifamily-housing-market-booming-in-lake-charles\/","title":{"rendered":"MULTIFAMILY HOUSING MARKET BOOMING IN LAKE CHARLES"},"content":{"rendered":"

By Karla Wall<\/em><\/p>\n

\"West<\/a><\/p>\n

West M<\/p>\n<\/div>\n

The coming economic expansion will impact all areas of life in SWLA \u2014 indeed, the effects are already beginning to be seen and felt. And one of the biggest signs of what\u2019s to come has been the increase in multifamily housing in the area. With up \u00a0 to 22,000 workers expected in the area over the next two or three years, housing is one of the biggest issues facing the area. And developers are scrambling to fill the need.<\/p>\n

\u201cAlmost every apartment complex in the area is expanding, and we\u2019re not talking about expanding by one or two units; we\u2019re talking about major expansions,\u201d says local developer Drew Hoffpauir, who\u2019s developed several new complexes in the area. He mentions the significant expansion at West M Apartments on McNeese St. as a case in point. \u201cAnd there\u2019s been a lot of new construction.\u201d<\/p>\n

If you drive down any major thoroughfare in the area, you\u2019re likely to see townhomes or apartments either going up, being renovated, or being constructed out of an existing building.<\/p>\n

\"Charleston<\/a><\/p>\n

Charleston Point: New townhomes on Pithon\/Clarence.<\/p>\n<\/div>\n

That\u2019s a sign of the coming economic expansion, but it\u2019s also a sign of a growing national trend. The rental market nationwide has far outgrown the permanent housing market over the last couple of decades. The rental population in the U.S. has increased by 8 million during that period of time; the number of homeowners has grown by only 2 million \u2014 a 20-year low.<\/p>\n

Here in Lake Charles, construction of new multifamily housing complexes is booming, and Hoffpauir says that the market will be able to absorb the increase.<\/p>\n

\u201cI have a waiting list of two months for nearly all my properties,\u201d says Hoffpauir. \u201cI haven\u2019t had to turn a vacancy in months now.\u201d<\/p>\n

Jeremy Snider\u2019s company, JC Homes and Development, has developed several new properties, including a new townhome complex called Charleston Point in downtown Lake Charles, on the corner of Pithon and Clarence Streets. While Snider doesn\u2019t build rental properties (his luxury townhome units are sold, not rented), he says his multifamily buildings are filling up, as well.<\/p>\n

\u201cWe\u2019ve sold every unit in the Pithon\/Clarence construction,\u201d he says.<\/p>\n

\u201cThere\u2019s a huge number of apartment complexes going up in this area,\u201d says Chris Khoury of the PAR Group, which is completing construction of a new 24-unit complex called Benoit Place, near the intersection of Sale Rd. and Nelson St. \u201cAnd there\u2019s an overwhelming need for that type of housing here.\u201d<\/p>\n

\"Cypress<\/a><\/p>\n

Cypress Point<\/p>\n<\/div>\n

That kind of demand is just the tip of the iceberg, and area developers are building to meet the even greater need that will be occurring in the next couple of years.<\/p>\n

Repurposing And Renovating<\/strong><\/p>\n

There are several major complexes going up in the area \u2014 there are plans for a huge complex in Sulphur (to be called Cypress Point); Khoury\u2019s Benoit Place; Charleston Park, a 30-townhome complex on Michael Debakey Dr.; Charleston Point; Snider\u2019s new townhomes on Clarence and Pithon Streets; to name just\u00a0 a few.<\/p>\n

But, says Jody Guidry, of Jody Guidry Realty, the trend, which perhaps began with the renovation of the old Muller building downtown into loft apartments, seems to be turning older buildings into small multi-unit housing complexes.<\/p>\n

\u201cWe\u2019re seeing a lot of developers buying older buildings and turning them into apartments over the last year,\u201d he says.<\/p>\n

A case in point: Hoffpauir\u2019s apartment complex at 517 Michael Debakey Dr. The eight-unit complex was formed from an old mansion, says Hoffpauir, into high-end corporate rental apartments. Fully furnished, complete with cookware and linens, cable and electric, and optional housekeeping services, the apartments offer luxury accommodations for stays of 90 days or more.<\/p>\n

And these new apartments and townhomes will offer luxury. People, says Hoffpauir, are looking for high-end dwellings.<\/p>\n

\u201cThere\u2019s a need for housing across the spectrum,\u201d he says. \u201cBut more people are looking for high-end places, and they\u2019re willing to pay more than $1,200 per month for it.\u201d<\/p>\n

Location, Location …<\/strong><\/p>\n

\"Cypress<\/a><\/p>\n

Cypress Point<\/p>\n<\/div>\n

While permanent housing development, and real estate sales, are expanding outward from Lake Charles into outlying areas such as Iowa and Lacassine, Vinton, and north of Lake Charles into Ragley and Longview, multifamily construction is mainly in the central and downtown regions of Lake Charles.<\/p>\n

\u201cI like the Garden District of Lake Charles, and the McNeese area, as far as duplexes, townhomes and apartments,\u201d says Guidry. \u201cYou don\u2019t get as good a return on investment (in multifamily housing) if you build in outlying areas.\u201d<\/p>\n

While Snider says JC Homes is building a new 44-unit complex called Maison de Ville off Prien Lake Rd., near Country Club, he says the decision to build Charleston Point downtown was an easy one; though Charleston Pointe is not rental property, he says the area needed new housing options.<\/p>\n

\u201cWe really wanted something downtown; there\u2019s really no housing in that area,\u201d he says. \u201cWe were the first residential construction in that area since the Muller lofts.\u201d<\/p>\n

\u201cI like Central Lake Charles,\u201d says Hoffpauir. \u201cLots of people are looking to locate in a centralized area.\u201d<\/p>\n

Hoffpauir\u2019s properties in Central Lake Charles include two complexes on W. LaGrange St., a new 28-unit complex, called Elmwood, on Elm St.; off Sallier St.; two complexes on 11th St.; Common St.; 10th St.; Kirkman St.; and East St.<\/p>\n

Guidry has duplex and townhome properties on the corner of Common and Sale Sts.; Common St.; and Hodges St.<\/p>\n

\"New<\/a><\/p>\n

New apartments at Common and West Sale.<\/p>\n<\/div>\n

New developments are going up elsewhere in the city, of course, with South Lake Charles being an extremely popular site. Snider is constructing a 100-plus-unit complex on Lake St., south of the post office, and will also soon begin construction on a 20-unit complex on Heard Rd., just off W. Prien Lake Rd.<\/p>\n

Apartments and townhomes won\u2019t be the answer to the area\u2019s need for worker housing, perhaps \u2014 worker villages, corporate housing and extended stay facilities will be needed, as well \u2014 but the coming influx of families and workers into Lake Charles, and the growing trend toward renting, will keep developers of multifamily housing busy for some time.<\/p>\n

A Look At Three Of The Area\u2019s Newest Apartment And Townhome Developments<\/strong><\/p>\n

 <\/p>\n

Charleston Park<\/strong><\/em><\/p>\n

\"Charleston<\/a><\/p>\n

Charleston Park<\/p>\n<\/div>\n

155 Dr. Michael Debakey Dr., Lake Charles<\/p>\n

Hoffpauir Properties<\/p>\n

30 units<\/p>\n

Rent: $1,600\/month<\/p>\n

Completion: First 18 units preleasing now, available Oct. 1. Remaining units scheduled for completion by end of 2015.<\/p>\n

Charleston Park offers luxury townhomes designed and situated in one of the most desirable neighborhoods in Lake Charles. Each two-bedroom, one-and-a-half-bath unit is approximately 1,850 sq. ft., and features open floorplan, oversize bedrooms and two-car garage.<\/p>\n

 <\/p>\n

Benoit Place<\/strong><\/em><\/p>\n

\"Benoit<\/a><\/p>\n

Benoit Place<\/p>\n<\/div>\n

South Lake Charles, Near The Intersection Of Sale And Nelson<\/p>\n

PAR Group Development<\/p>\n

24 units<\/p>\n

Rent: $1.295\/month<\/p>\n

Completion: September.<\/p>\n

These luxury apartments are located near Barbe School, with easy access to shopping, casinos, restaurants and hospitals.<\/p>\n

Each two-bedroom, two-bath unit features wood floors, granite counters and open floor plans. In-unit washers and dryers are included for a small upgrade fee.<\/p>\n

 <\/p>\n

Charleston Point<\/strong><\/em><\/p>\n

Clarence and Pithon Sts., downtown Lake Charles<\/p>\n

JC Homes And Development<\/p>\n

24 units<\/p>\n

Rent: These units are not rentals; they\u2019re selling for $150,000-$175,000. Five units are under contract.<\/p>\n

Completion: September.<\/p>\n

These two- and three-bedroom downtown townhomes are 1,444 sq. ft., and include luxurious touches, such as granite countertops, crown molding, open floor plans, island kitchens and stainless appliances.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Karla Wall The coming economic expansion will impact all areas of life in SWLA \u2014 indeed, the effects are already beginning to be seen and felt. And one of the biggest signs of what\u2019s to come has been the increase in multifamily housing in the area. With up \u00a0 to 22,000 workers expected in [&hellip<\/p>\n","protected":false},"author":14,"featured_media":3436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[853,854,855,4,51,856],"yoast_head":"\nMULTIFAMILY HOUSING MARKET BOOMING IN LAKE CHARLES - BestOfSwla<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bestofswla.com\/2015\/08\/20\/multifamily-housing-market-booming-in-lake-charles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MULTIFAMILY HOUSING MARKET BOOMING IN LAKE CHARLES - BestOfSwla\" \/>\n<meta property=\"og:description\" content=\"By Karla Wall The coming economic expansion will impact all areas of life in SWLA \u2014 indeed, the effects are already beginning to be seen and felt. 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