Joey Canella Sells Old Southern Residential Park
Joey Canella Sells Old Southern Residential Park

THE MOBILE HOME PARK known as Old Southern Residential Park at 8261 Airline Hwy in Baton Rouge sold late last month for $800,000. The seller was Old Southern Land and Trust, represented by Clyde Harris; purchaser was Samco Properties, represented by Samuel Richardson and Anthony Pacaccio. The 4.53-acre park adjoins the Home Depot on Airline Hwy just north of Florida Blvd.

The sale included 44 pad sites, three small duplex units and a vacant lot that fronts on Harry Drive. At $800,000, the sale price works out to around $18,200per pad site, excluding the duplexes and vacant lot. The transaction was brokered by Joey Canella with Sperry Van Ness | Graham, Langlois and Legendre, LLC.

“We actually had a couple of interested purchasers on this property,” Canella says. “The first contract was signed within 30 days but fell through, but we had another buyer within a very short period of time after the first sale fell though the income will generate an above 11% return.” He says the new owners acquired the property as a long-term investment.

Tom Cook – Article courtesy of the Greater Baton Rouge Business Report

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