123457-SB1879.pdf

BID INFORMATION SB # 1879

Lots 445-A, 446-A, 470, 471, and 472, Belfair Homes Subdivision, Ward

1-1 in Baton Rouge

The Recreation and Park Commission for the Parish of East Baton Rouge (BREC) will accept sealed bids for the sale of 0.838± acres of land located on the southwest corner of Fairfields Avenue and Rhodes Avenue in Baton Rouge, not needed for public recreation purposes, described as Lots 445- A, 446-A, 470, 471, and 472, Belfair Homes Subdivision, Ward 1-1 in Baton Rouge, for the minimum price of $30,000.00 appraised value.

Electronic OR Paper bids will be received until 2:00 pm CT, October 20, 2026, by the BREC Finance Department, BREC Administration Building, 6201 Florida Boulevard, Baton Rouge, Louisiana. All electronic bids will be downloaded and publicly read aloud, along with all paper bids received, immediately after the 2:00 pm bid closing in Room 1515 of the BREC Administration Building.

Bidders or their authorized representatives are invited to be present. No bids will be received after 2:00 pm on the same day and date.

Acceptance of a bid is subject to entry into a binding written Purchase Agreement acceptable to both parties within forty-five (45) days of the opening of bids.

Complete bid documents are available by email request to BREC Purchasing Department, Dedra.Fountain@brec.org. Contact the BREC Purchasing Department at (225) 273-6421.

Electronic bids must be submitted through www.bidexpress.com prior to the bidding deadline.

Bidders utilizing the electronic bid process are responsible for confirming that all documents are properly submitted and received by Bid Express. Questions about this procedure shall be directed to Bid Express Customer Service at support@bidexpress.com. Toll Free: (888) 352-BIDX (2439), Phone: (352) 381-4888, Fax: (888) 971-4191, Monday through Friday, 6am - 7pm CT.

BREC has elected to use LaPAC, the state’s online electronic bid posting and notification system, in addition to its standard means of advertising. LaPAC is resident on the Office of State Procurement’s website at LaPAC Public Menu (louisiana.gov) and is available for vendor self- enrollment.

Paper bid forms must be submitted in a sealed, opaque envelope and endorsed SB 1879 Lots 445- A, 446-A, 470, 471, and 472, Belfair Homes Subdivision, Ward 1-1, One (1) copy of the bid form shall be submitted.

mailto:Dedra.Fountain@brec.org http://www.bidexpress.com/ mailto:support@bidexpress.com https://wwwcfprd.doa.louisiana.gov/osp/lapac/pubMain.cfm

Sale of Land – Bid Proposal

Sealed Bid #:

Parcel Number:

Letting Date:

To the Recreation and Parks Commission for the Parish of East Baton Rouge. I (We) hereby offer to purchase the BREC-owned land at the lump sum price offered for the parcel(s) in the “Bid Amount”. The undersigned certifies that he/she has examined the land offered for sale and is satisfied as to the condition of same and has judged for himself/herself as to the conditions to be encountered in sale of said land.

Bid Amount:

Signature of Authorized Bidder:

Signature Date:

Contact Information

Bidder’s Name:

Company (if any):

Address:

Telephone No.:

Email Address:

An Appraisal Report on

A Tract of Land Known As

BELFAIR PARK

Address:

4390 Fairfields Avenue

Baton Rouge, Louisiana 70802

Legally Described As:

Lots 445-A, 446-A, 470, 471 and 472, Belfair Homes Subdivision, Ward 1-1, Baton Rouge, East Baton Rouge Parish, Louisiana

Relevant Date(s):

February 20, 2026 (Date of Property Visit)

Prepared For:

Mr. Brett Wallace, PLA, PMP

BREC

6201 Florida Boulevard

Baton Rouge, LA 70806

FILE #26-23737

February 23, 2026

Mr. Brett Wallace, PLA, PMP

BREC

6201 Florida Boulevard

Baton Rouge, LA 70806

Re: Belfair Park, in Baton Rouge, Louisiana

Dear Mr. Wallace:

In accordance with your request and for the purpose of estimating the market value of a fee simple interest in the property above referenced and more particularly described within the report, we present the following appraisal for your approval.

This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses.

Based upon our visit to the subject property and investigations and analyses undertaken, we have formed the opinion that, subject to the assumptions and limiting conditions set forth in this report, the market value of the fee simple interest in the subject property "as is, as of February 20, 2026 (date of the property visit)," is:

THIRTY THOUSAND DOLLARS

$30,000

The above value is net of $30,000 in capital outlays to demolish and remove the improvements.

This letter must remain attached to the report, which contains 82 pages (from the appraisal cover to the addendum) plus related exhibits, in order for the value opinion set forth to be considered valid.

Cook, Moore, Davenport & Associates

Real Estate Appraisers

No extraordinary assumptions were used in the preparation of this report. This appraisal report was completed in accordance with the requirements of BREC, the Uniform Standards of Professional Appraisal

Practice (USPAP), and the requirements set by the Office of the Comptroller of currency appraisal standards as delineated by ruling 12 USC. 93a of title XI of the FIRREA, dated 1989. If we can be of further assistance in this matter, please do not hesitate to call.

Respectfully submitted, Tom W. Cook, MAI Robert E. Beaman

Louisiana Certified General Louisiana Certified General

License #APR.00005-CGA License #APR.04446-CGA tcook@cookmoore.com bbeaman@cookmoore.com

TABLE OF CONTENTS

SUMMARY OF SALIENT FACTS

IDENTIFICATION OF THE SUBJECT PROPERTY

THE APPRAISAL PROBLEM

SCOPE OF WORK

PROPERTY TAX INFORMATION

HISTORY OF THE SUBJECT PROPERTY

LOCATION MAP

NEIGHBORHOOD ANALYSIS

GENERAL

SUBJECT NEIGHBORHOOD

APARTMENT MARKET ANALYSIS

SITE SURVEY

ZONING MAP

FLOOD PLAIN MAP

AERIAL PHOTOGRAPH

SITE ANALYSIS

LAND VALUE ESTIMATE

MAP OF LAND SALE COMPARABLES

LAND SALE SUMMARY

TRANSACTIONAL ADJUSTMENTS

PHYSICAL ADJUSTMENTS

SALES COMPARISON ADJUSTMENT GRID

EXPOSURE TIME

CERTIFICATION OF APPRAISERS

A D D E N D U M

SUMMARY OF SALIENT FACTS

Dates Effective Date of Value - February 20, 2026

Date of the Property Visit - February 20, 2026

Report Date - February 20, 2026

Highest & Best Use Multifamily

Location The subject is at the southwest corner of Fairfields Avenue and

Rhodes Avenue.

Municipal Address 4390 Fairfields Avenue, Baton Rouge, Louisiana 70802

Legal Description Lots 445-A, 446-A, 470, 471 and 472, Belfair Homes Subdivision, Ward 1-1, Baton Rouge, East Baton Rouge Parish, Louisiana

Land Summary

Zoning Classification A-2 (Single-Family Residential) and C-1 (Light Commercial)

Tax Assessment Summary

Sale History According to public records, the subject has not sold within the last three years.

Current Listing/Contract(s) The subject is not known to be currently listed for sale, or under contract.

Interest(s) Appraised Fee Simple “As Is”

Gross Land

Area (Acres)

Gross Land

Area (SF)

Usable Land

Area (Acres)

Usable Land

Area (SF)

0.838 36,497 0.838 36,497

Land Summary

Tax Parcel

ID

Land Improvements

Total

Assessment

Millage

Rate Taxes

2394251 $0 $0 $0 127.18 $0

2394278 $0 $0 $0 127.18 $0

2394286 $0 $0 $0 127.18 $0

2394235 $0 $0 $0 127.18 $0

Totals $0 $0 $0 127.18 $0

Real Estate Assessment and Taxes

Summary of Salient Facts

Fee Simple Value Indicators “As Is”:

Sales Comparison Approach

Low

High

Average

Median

Reconciled Value per Square Foot

Subject Size (Usable Land SF)

Indicated Value

Reconciled Final Value

Less Curative Costs

Reconciled Value

$106,226

$65,806

$55,785

$60,000

$30,000

$30,000

Unadjusted Adjusted Adj. Total

Land Value Ranges & Reconciled Value

$1.04 $0.99 $36,121

$6.32

$2.56

$1.71

$2.91

$1.80

$1.53

$1.65

36,497

$60,221

IDENTIFICATION OF THE SUBJECT PROPERTY

The subject is a 36,497± square foot (0.838± acre) parcel of land in Baton Rouge, Louisiana. The site is irregularly-shaped, with 262' of frontage along the south side of Fairfields Avenue, 198' of frontage along the west side of Rhodes Avenue and 77' of frontage along the east side of East Belfair Drive. The property bears the municipal address 4390 Fairfields Avenue, Baton Rouge, Louisiana 70802.

The subject can be legally described as Lots 445-A, 446-A, 470, 471 and 472, Belfair Homes

Subdivision, Ward 1-1, Baton Rouge, East Baton Rouge Parish, Louisiana. Source: East Baton Rouge

Parish Clerk of Court

THE APPRAISAL PROBLEM

The Scope of Work Rule requires the appraiser to gather and analyze information about those assignment elements that are necessary to properly identify the appraisal problem to be solved. According to Standards Rule 1-2, identification of the problem to be solved requires the appraiser to identify the following assignment elements1:

❑ Client and any other intended users: The client for this appraisal assignment is

BREC. The intended user(s) of the report is BREC, and/or their assigns. No other users are intended.

❑ Intended use of the appraiser’s opinions and conclusions: The intended use(s) of this appraisal is to assist the intended user(s) in asset management purposes. No other use is intended.

❑ Type and definition of value: The following value estimate(s) are presented:

The market value of a fee simple interest in the subject property “as is,” as of

February 20, 2026 (date of the property visit).

In the process of developing the above value estimate, we derived the following value estimate:

The hypothetical market value of a fee simple interest in the subject property “as if vacant,” as of February 20, 2026 (date of the property visit).

Market Value2 is defined as:

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale, as of a specified date, and the passing of title from seller to buyer under conditions whereby:

A) Buyer and seller are typically motivated;

B) Both parties are well informed or well advised, and each acting in what he considers his own best interest;

1 Uniform Standards of Professional Appraisal Practice, 2024 Edition (The Appraisal Foundation, 2024), pg. 15

2 United States Treasury Department, Comptroller of the Currency 12 CFR part 34, °34.42(f)

The Appraisal Problem

C) A reasonable time is allowed for exposure in the open market;

D) Payment is made in terms of cash in U.S. dollars, or in terms of financial arrangements comparable thereto; and, E) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

❑ Effective date of the appraiser’s opinions and conclusions: The effective dates of the value estimates are:

Date of the Property Visit February 20, 2026

❑ Subject of the assignment and its relevant characteristics: The subject is a 36,497± square foot (0.838± acre) parcel of land in Baton Rouge, Louisiana. The site is irregularly-shaped, with 262' of frontage along the south side of Fairfields Avenue, 198' of frontage along the west side of Rhodes Avenue and 77' of frontage along the east side of East Belfair Drive. The property bears the municipal address 4390

Fairfields Avenue, Baton Rouge, Louisiana 70802.

❑ Assignment conditions: Assignment conditions include assumptions, extraordinary assumptions, hypothetical conditions, supplemental standards, jurisdictional exceptions, and other conditions that affect the scope of work.

The following assumptions are used in this appraisal assignment:

❑ An environmental audit was not provided. We are not qualified to complete an environmental audit. The stated opinion of value is predicated on the assumption that no hazardous substances or conditions materially affect the property.

❑ Soil conditions are sufficient for structural support.

❑ The subject property does not contain jurisdictional wetlands and no outlays for wetlands mitigations will be required to facilitate any future development of the subject property.

No extraordinary assumption(s) will be used in this appraisal report.

The following hypothetical conditions will be used in this appraisal:

❑ For the purposes of deriving the hypothetical market value of the subject's site "as if vacant land," we will include the hypothetical condition that the subject property is vacant and developable, as of the date of the property visit.

The use of hypothetical conditions might have affected the assignment results.

The Appraisal Problem

A hypothetical condition may be used in an assignment only if:

• Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison;

• Use of the hypothetical condition results in a credible analysis; and

• The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions.3

No laws and regulations, jurisdictional exceptions or other conditions affected the scope of work for this appraisal assignment.

3 Uniform Standards of Professional Appraisal Practice, 2024 Edition (The Appraisal Foundation, 2024), pg. 20

SCOPE OF WORK

Standards Rule 1-2 (f) requires the appraiser to identify the scope of work necessary to complete the appraisal assignment. The scope of work includes, but is not limited to, the following:

❑ the degree to which the property was inspected or identified

❑ the extent of research into physical or economic factors that could affect the property

❑ the extent of data research

❑ the type and extent of analysis applied to arrive at opinions or conclusions

The scope of work completed for this appraisal assignment is intended to meet or exceed the expectations of the typical appraisal consumer. The scope of work completed for this appraisal assignment is also intended to be consistent with those actions completed by similarly qualified peers performing the same or a similar appraisal assignment in compliance with USPAP. The scope of work completed for this specific appraisal assignment includes the following:

❑ The property was visited by Robert E. Beaman on February 20, 2026. Tom W.

Cook, MAI, visited the property on a later date, and has reviewed the photographs taken during the property visit. Photographs of the identified property were taken

(copies are provided in the report addendum).

Neither the site visit nor this appraisal is to be construed as a building inspection, structural inspection, ADA compliance inspection, environmental inspection or pest control inspection (i.e., identifying infestations such as termites). We are not qualified to complete such inspections. In completing the site visit, areas that were readily accessible were visually observed for valuation comparison purposes. The observations made during the site visit were not technically exhaustive and are not to be construed as a warranty, of any type or form, of the improvements, site improvements, furniture, fixtures, and equipment, or site.

❑ The courthouse records of East Baton Rouge Parish were researched to track the transactional history of the subject property over the past 3 years.

❑ The current tax assessments and related property tax bills affecting the subject were researched.

Scope of Work

❑ The regional and neighborhood influences were considered along with their effects on the property. The effect(s) of any anticipated pending public or private improvements located on or off the site were also considered.

❑ The site and improvements were described; land size, frontage, availability of utilities, zoning, building size and other pertinent attributes were discussed.

❑ The highest and best uses of the property “as vacant land” and “as improved” were estimated.

❑ Sales and rentals of properties with similar highest and best uses were found and researched. Research and verification included reviewing the act of sale or rental contract, interviewing individuals familiar with the sale [either the seller, buyer, broker, building owner, property manager, or appraiser involved in the transaction] and/or obtaining other pertinent information about the property [i.e., flood zone status, zoning, available utilities, condition, consideration].

❑ The appropriate and correct valuation methodology(ies) will be applied to derive a final value estimate(s). The Cost Approach will not be applied, as it is not necessary to produce credible valuation conclusion(s). The Sales Comparison

Approach will be applied, as there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. The Income

Approach will not be applied, as the subject is not an income-producing (rental) property, and this approach does not reflect market behavior for this property type.

PROPERTY TAX INFORMATION

Taxing Authority’s Owner Identification (2025 rolls)

Recreation & Park Commission - EBRP

P.O. Box 458

Baton Rouge, Louisiana, 70802

Summary of Relevant Tax Authority Information

It is noted that the subject property is under the ownership of an East Baton Rouge Parish government-related entity, and is not subject to property taxes. If the subject were to sell to a non-government related entity, property taxes would be charged.

Assessed Value as a Percentage of Market Value

Land 10% Improvements 15%

Tax Due Date

December 31st

Tax Delinquent Date

January 1st

Tax Appeal Date

The Assessor's Office advertises for taxes to be reviewed during the first part of September. During this period, the public is allowed to review their property assessment and lower them if possible.

Tax Parcel

ID

Land Improvements

Total

Assessment

Millage

Rate Taxes

2394251 $0 $0 $0 127.18 $0

2394278 $0 $0 $0 127.18 $0

2394286 $0 $0 $0 127.18 $0

2394235 $0 $0 $0 127.18 $0

Totals $0 $0 $0 127.18 $0

Real Estate Assessment and Taxes

Property Tax Information

Delinquent Taxes

None noted.

Future Trends

The current assessment implies a market value (assessor’s estimate) of $0 for the subject property.

The subject property appears to be under-assessed, as the subject's market value estimate is greater than that implied by its assessed value. The local tax assessor is mandated by the Constitution of the State of

Louisiana to reassess every four years. Most adjustments in assessments, however, are transaction-based

(i.e., when a property sells, it is typically reassessed at the sale price).

Note that as long as the subject remains in the same ownership, reassessment may not occur (i.e., the tax bill will likely remain at the level stated by the Assessor, as long as no sales of the subject property are recorded and no construction takes place). Implicit in the definition of market value, however, is “the consummation of a sale,” following which a reassessment is a strong expectation. A prudent investor would reasonably anticipate such a reassessment following a purchase at the appraised value.

A transaction-based adjustment in total assessment for the subject based on a 10% assessment for the land, a 15% assessment for the improvements, and a tax millage rate of 127.18 mills (actual), is summarized on the following table:

A prudent investor, upon acquisition of the property, would reasonably anticipate such a reassessment within 2± years.

Value

Scenario

Property

Rights

Projected Sale

Price

Land Assessment

@ 10%

Improvement

Assessment @ 15%

Total

Assessment

Millage

Rate

Total Annual

Rounded Tax Bill

As Is Fee Simple $30,000 $3,000 $0 $3,000 127.18 $0

Real Estate Assessment Analysis

HISTORY OF THE SUBJECT PROPERTY

We researched the courthouse records of East Baton Rouge Parish to track the title history of the subject property. This was done to determine if any recent sales had taken place that might be indicative of subject's market value. The subject property has been under the ownership of Recreation & Park

Commission - EBRP, For many years.

No arm’s-length sales transactions involving the subject property are known to have occurred in the last three years, and the subject is not known to be listed for sale or lease.

LOCATION MAP

NEIGHBORHOOD ANALYSIS

General

Baton Rouge, Louisiana's capital city, spans an area of 60.5± square miles. It is in the south central portion of Louisiana, along the eastern bank of the Mississippi River, approximately 130± river miles upstream from New Orleans, Louisiana, and 230± river miles upstream from the mouth of the River at the

Gulf of Mexico. It is approximately 80± miles northwest of New Orleans via Interstate 10. Baton Rouge is also served by I-12, I-55, I-59 and I-49 (all within 60 miles), and accessed via Baton Rouge International

Airport (BTR) and the Port of Greater Baton Rouge (the farthest inland deepwater-port of the Mississippi

River). There are over 150 industries of various kinds in the MSA (Metropolitan Statistical Area), with a civilian labor force of approximately 461,896±.

According to the 2020 U.S. Census, the Baton Rouge Metropolitan Statistical Area (MSA), which at the time included four surrounding Parishes (East Baton Rouge, West Baton Rouge, Ascension, and

Livingston), contained a population of roughly 856,779 (up from 802,484 persons reported in the 2010

Census).

Neighborhood Analysis

Baton Rouge is a center of education, government, health care, biotechnology research, petrochemical production, and petroleum refining. It is home to two major universities (Louisiana State

University and Southern University), three major hospitals (Our Lady of the Lake Regional Medical Center, Baton Rouge General Hospital, and Ochsner Medical Center), state government offices, and large industrial developments positioned along the Mississippi River, including Shintech Incorporated, ExxonMobil, and

Dow Chemical Company. The area’s employment by industry are as follows:

Despite posting two years of job growth during 2017 and 2018, the Baton Rouge economy was already faltering prior to the pandemic, shedding some 4,800 jobs during 2019. After a challenging 2020 when the economy lost 20,000 jobs. Employment has begun to rebound with 8,000 of those jobs returning in 2021. Costar is anticipating the momentum to continue into 2022 with an additional 14,000 jobs.

Essentially returning to pre-pandemic levels. As of late 2021, the unemployment rate is slightly above the

U.S. at 5.5%. On a positive note, similar to many parts of the country, the region is experiencing significant wage growth. In 2021, the median household income grew by 6% reaching $63,400.

The natural resources and construction sector is more than two and a half times as concentrated in

Baton Rouge as the U.S. average, and as such, energy prices matter a great deal to the local economy.

Dependence on energy poses a long-term risk to Baton Rouge and will likely continue to constrain growth over the near term.

While Baton Rouge's current economic position is marred with uncertainty, the city still has several positive long-term economic drivers. The market is home to the Greater Port of Baton Rouge, one of the busiest in the country. It is also home to Louisiana State University (LSU), one of the largest public universities in the nation. LSU boasts a $5.1 billion economic impact on the state of Louisiana.

Subject Neighborhood

A neighborhood may be characterized by such uses as residential, commercial, industrial, recreational, agricultural, cultural, and civic activities, or a mixture of these. Analysis of the neighborhood is important because the various economic, social, physical, and political forces which affect a particular neighborhood also directly influence the individual properties within. Discussion of these factors as they affect the value of the subject property follows:

The subject property is located in the northern portion of Baton Rouge within East Baton Rouge

Parish. This area is characterized primarily by established residential neighborhoods interspersed with public land uses, institutional properties, and limited neighborhood-serving commercial development.

Development patterns in this sector of the city reflect mid- to late-20th-century suburban expansion, with modest reinvestment occurring in selected corridors. The neighborhood exhibits typical urban infrastructure, including paved public roadways, municipal utilities, and proximity to collector and arterial routes that provide connectivity to broader employment centers within the parish.

The Baton Rouge metropolitan area serves as the political and economic hub of Louisiana, with its economy anchored by state government operations, petrochemical and refining industries, higher education institutions, and healthcare systems. Major employers include Louisiana State University, ExxonMobil’s refinery complex, Our Lady of the Lake Regional Medical Center, and multiple state administrative offices.

These institutions provide consistent employment bases that support housing demand across a range of price points and rental tiers. The presence of stable employment drivers reduces volatility in housing absorption relative to more narrowly specialized markets.

Population trends within the Baton Rouge metropolitan statistical area have been relatively stable, with periods of moderate growth influenced by energy sector cycles and regional economic shifts.

Household formation continues to support demand for rental housing, particularly as affordability constraints and elevated mortgage interest rates limit access to homeownership for some segments of the population. This dynamic has contributed to sustained occupancy levels within the multifamily sector, especially in developments offering competitive rental rates relative to median household incomes. The subject’s location within the urbanized portion of the parish positions it to benefit from these broader demographic trends.

Real estate trends in Baton Rouge indicate that multifamily development remains one of the more active property sectors, though new construction has moderated in response to increased construction costs, insurance expenses, and capital market tightening. Development activity has been concentrated primarily in southern and southeastern Baton Rouge, where newer Class A communities have been delivered in recent years. Northern Baton Rouge has historically experienced less large-scale multifamily construction, resulting in a housing stock that is comparatively older. This condition may present opportunity for well-designed, appropriately scaled multifamily redevelopment where zoning and infrastructure support such use.

Infrastructure investment within East Baton Rouge Parish has included roadway improvements, drainage enhancements, and incremental utility upgrades aimed at supporting long-term growth. Given the region’s susceptibility to heavy rainfall events, floodplain designation and drainage capacity are critical considerations in land development feasibility. Sites that can demonstrate adequate drainage solutions and manageable flood risk typically retain stronger development potential. Public utility access and roadway connectivity in established neighborhoods such as the subject’s area generally support residential redevelopment, subject to engineering verification.

Supply and demand fundamentals for multifamily housing in Baton Rouge reflect steady occupancy and moderate rental growth in stabilized properties. Demand drivers include workforce housing needs, university-related housing demand, healthcare employment growth, and general population stability.

While absorption rates vary by submarket and product quality, developments that align with achievable rent thresholds and meet contemporary design expectations tend to perform competitively. The subject neighborhood’s proximity to established residential areas and employment corridors suggests that appropriately positioned multifamily housing could capture localized demand, assuming entitlement feasibility and market-aligned pricing.

Overall, the neighborhood surrounding 6000 Alexander Avenue demonstrates characteristics consistent with stable residential use and potential for incremental redevelopment. Economic anchors within the Baton Rouge region provide foundational demand support, while broader affordability trends continue to reinforce the need for rental housing alternatives. The area does not reflect rapid speculative expansion but instead suggests measured, demand-driven development potential. From a neighborhood perspective, multifamily use appears generally consistent with broader market dynamics, subject to zoning compatibility and site-specific due diligence.

APARTMENT MARKET ANALYSIS

2025 Baton Rouge Apartment Market - Introduction & Summation

Prior to the advent of the pandemic, rental and occupancy figures for the Baton Rouge area apartment market had been on a declining trend for 2+ years. Substantial construction of new apartments throughout the region in 2017-2020 had adversely affected rents and occupancies. The trend for 2021-24 was quite the contrary (rents and occupancies strengthened), though the notable number of units constructed in 2024-25 has resulted in a return to softening conditions (materially increasing vacancies). With the substantial number of units under construction for 2025 (with many of the units built in 2024 still in lease-up), market conditions are expected to soften further.

Apartment rental and vacancy data collected and analyzed each year (most recently in January-

March 2025) by Cook, Moore, Davenport & Associates (CMDA), in conjunction with Elifin Realty, LSU’s

Real Estate Research Institute (RERI), the CID of GBRAR and the Baton Rouge Apartment Association

(BRAA), indicate that apartment vacancies in the Baton Rouge area over the past 12± months rose to

7.46% from Spring 2024’s 5.36% (based on our matched data set of 217 apartment complexes), while quoted rentals in our matched set of 217 complexes increased almost 5% (up to $1.31/sf from an average of $1.25/sf in 2024). The 2024-25 rental increases cooled substantially from the 10% rise in rents observed in 2021-22, and continue to reflect a moderating market (increasing rentals, but rising vacancies due primarily to incoming supply).

Job growth (which drives population growth, which drives incremental demand for apartments) was adversely affected by the pandemic. The Baton Rouge metro area shed 5% of its employment in 2020.

This was anomalous, and a direct result of the pandemic’s recessionary effects on a global basis. The local job market has since recovered, with unemployment now hovering around a historical low of 4% (with

December 2024 MSA employment at 420,843, down slightly from 421,320 in December 2023).

As the pandemic has now evolved into an endemic, local employment figures should continue to stabilize, particularly with the various pandemic-era stimulus projects and governmental infrastructure expenditures promoting job growth in the capital region and throughout Louisiana. That job growth (and the incremental population growth that should follow) should aid in the absorption of the incoming supply of new units (to be subsequently detailed).

Apartment Market Analysis

A historically significant number of units was delivered to the market in 2024, and another elevated number of units is under construction (and planned) that will be delivered to the market in 2025 and 2026.

Apartment owners and managers in certain submarkets should continue to brace and prepare for increasing competitive pressures as these new units fight to capture market share.

We analyzed two sets of rental data, which differ by composition and number of properties included. The entire dataset consists of 222 complexes, while the matched dataset consists of 217 complexes, with a smaller matched sample of 78 larger (200+ unit) complexes also analyzed. The reported vacancy rate for the matched sample in 2025 is 7.46%, while the vacancy rate for the entire sample is 7.45% (note that these figures exclude consideration of any newly-built units in initial lease-up; it also does not reflect the impact of concessions and giveaways on economic rents).

A notable “shadow” vacancy component is the set of “troubled asset” properties that are not included or reflected in our survey results. Our research indicates that there are 28 apartment complexes in the Baton Rouge area containing 3,268 units, of which only 34% are occupied, with roughly 2,170 units in

“down” (offline) status. Another 8 complexes with 1,698 units are under 70% occupied, with 820 of those units offline. Many are properties that were acquired by out-of-state investors in 2021-22, funded by out-of-state lenders, and appraised by nonresident appraisers that lacked local expertise or geographical competency. If these “offline” units are counted in the supply, the effective market vacancy statistic increases to roughly 12.5%.

A bulleted summary of our key observations & expectations is provided:

The supply of rental units in the Baton Rouge MSA has grown substantially over the last 2 decades.

Relevant stats include:

6,937± new apartment units were completed in the decade following when Hurricane

Katrina hit on August 29, 2005 (major event that drove local housing demand) through the end of 2014. The average number of units absorbed each year (for that decade) was 867±.

1,531± units were built (completed) in 2015

1,296± units were built (completed) in 2016

1,136± units were built (completed) in 2017

2,282± units were built (completed) in 2018

1,577± units were built (completed) in 2019

638± units were built (completed) in 2020

623± units were built (completed) in 2021

515± units were built (completed) in 2022

1,281± units were built (completed) in 2023

2,055± units were built (completed) in 2024

1,793± units are under construction for delivery (or have been delivered thus far) in 2025-

2,339± units are proposed for construction in 2026-27 (not yet underway);

Of the proposed units (those not yet under construction), we consider 1,031± units to be more likely to be built than the remaining 1,308± proposed units.

The total new rental supply for 2015-2024 was 12,934 units, which equates to 1,293 units per year over a 10-year span. This was roughly 86% greater than the pace of construction for the preceding decade (including the post-Katrina “boom”).

The total new rental supply (currently under construction or proposed, excluding those unlikely to be built) for 2025-2027 will be 2,824± units (if all are built), which will equate to 941± units per year over a 3-year span.

It is notable that construction costs for apartments locally increased materially in the wake of the post-pandemic economic boom (and supply chain crises). Though some of those costs have reportedly returned to levels somewhat nearer the stratosphere, as the national economy has slightly cooled (and has been pushed toward recession as a byproduct of federal policies and measures intended to cool inflation), the cost of construction financing (mortgage interest rates) has substantially increased (from near historical lows as recently as the end of 2021). It remains probable that some of the announced projects (those listed on the following pages, as well as others still on the drawing board) will not be built in the short-term (some will likely be tabled until such time that conditions are more strongly supportive of construction feasibility).

The basic mechanics of housing demand are as follows: the national and local norm has historically been roughly 2.75 people per household, so, if the population grows by 1,000 people, we should need to have roughly 360 additional housing units to satisfy the incremental demand created. As roughly 33% of the local households have historically been renters, roughly 120 of those 360 units

(per 1,000 residents) need to be rental units. To absorb the 12,934 apartment units built in 2015-

2024, the Baton Rouge area=s long-term population would normally need to have increased by more than 100,000± people (which is materially more than the long-term population increase that resulted from Hurricane Katrina), though other factors like the need to replace physically or functionally obsolete units (termed “depletion”), the ever-shrinking average household size (this stat has been getting smaller for years, particularly as millennials continue to enter the housing market, and fewer people per household means the more housing units can be needed to satisfy the demand per 1,000 residents), and displaced former homeowners that opt (or have no choice but) to remain in apartments could all have offsetting effects. The macro-level increase in demand for housing regionally and nationally appears to have washed away virtually all sins, for now, as only a few submarkets are showing signs of being materially oversupplied.

The vast majority of the new units built over the last 2 decades have been “upscale, Class A,” oriented toward the higher end of the rental scale. As such, existing Class A properties have absorbed the brunt of the competitive pressures from the incoming supply. The incoming supply for 2025-27, however, is (and has been) a bit more focused on affordable (typically subsidized in some manner) housing oriented toward lower-income households, with 455 of the 2,055 units built in 2024 and 810 of the 1,793 units underway for 2025 falling in this category.

The critical factors that will ultimately drive the long-term demand for, and absorption of, additional housing units in the Baton Rouge area are the number of jobs that can be recovered/generated and retained locally (where the jobs go, the population will follow) and the ability of our infrastructure (roads, schools, governing bodies) to accommodate this growth and maintain the character and marketability of the Baton Rouge region as a place to live. The lack of recent employment growth is of concern, but Baton Rouge has positive dynamics, and the area remains positioned to prosper long-term.

On the following pages will be presented synopses of new multifamily residential construction projects and tables illustrating historical rental/vacancy trends. For more detailed discussions and/or information, please call us (we provide professional consulting services) or go to www.CookMoore.com or

BatonRougeTrends.net.

II. New Apartment Construction

Baton Rouge has been experiencing a boom in apartment construction since 2015. Very few of the new complexes offer standard, mid-grade apartment units. The vast majority of the new rental housing supply over the past 20± years has been oriented toward either more affluent tenants (either conventional residents or LSU students), or lower-income households.

The new apartment complexes built, underway and/or planned in the Greater Baton Rouge area are listed on the following pages:

Complex Name Location # Units Completed Comments

Completed 2024

Cedar Grove Townhomes 14810 Old Jefferson Highway 146 2024 Upscale Rental Townhomes

The Everly at Rouzan 4850 Rouzan Square Ave 277 2024 Upscale/Luxury Units

The Waters at Millerville 13633 Millerville Greens Blvd 295 2024 Upscale/Luxury Units

Villas at Oak Bend SFR 16625 Poe Avenue 112 2024 Single-Family Residential (SFR) - D.R. Horton

Exchange at Juban 10411 Cassle Road (Denham) 264 2024 Upscale/Luxury Units

Timber Creek Townhomes 17316 Copper Creek Dr (Livingston) 48 2024 Market-Rate Townhomes

The Waters at Heritage 609 St. Francis Parkway (Gonzales) 299 2024 Upscale/Luxury Units

Cypress Point SFR 2009 S. Veterans Pkwy (Gonzales) 111 2024 Single-Family Residential (SFR) Rentals

Arabella at Dutchtown Thomes 36450 Belle Savanne Ave (Geismar) 48 2024 Upscale Rental Townhomes

The Reserve at Howell Place 4201 Ford Street 300 2024 Affordable Housing Units - CST

Government Corridor SS 605 North 33rd Street 34 2024 Affordable Housing Units - GCHP

Cypress River Lofts 1382 Duane Street 19 2024 Mixed-Income Lofts - EBRHA

Martin Landing 31164 LA Highway 16 (Denham) 102 2024 Mixed-Income Units - VOA

Conventional Student Affordable

Total Completed in 2024 2,055 1,600 0 455

Under Construction 2025 - 2026

The Waters at Bluebonnet 3445 Bluebonnet Blvd 324 2025 Upscale/Luxury Units

The Heights at Picardy 8340 Picardy Avenue 232 2025 Upscale/Luxury Units

Solo Apartments 2501 Brightside Drive 32 2026 Upscale/Luxury Units

The Heights at Materra Materra Blvd. 295 2027 Upscale/Luxury Units

Mid City Point Apts 350 South Foster Drive 100 2025 Mixed Income Units

Sherwood Oaks (Brandywine) 10950 West Darryl Drive 280 2025 Affordable Housing Units

Cypress at Ardendale - Phase I 1701 North Ardenwood Blvd 170 2025 Affordable Housing Units - EBRHA

The Reserve at Joor Place 4663 Joor Road (Central) 360 2025 Affordable Housing Units - CST

Conventional Student Affordable

Total Under Construction 2025 - 2026 1,793 983 0 810

Total Completed or Under Construction 3,848 2,583 0 1,265

Apartment Complexes Completed/Under Construction in 2024-2025 in the Baton Rouge MSA

Complex Name Location # Units

Expected

Completion Comments

Proposed Apartments 2026 - 2027 - Likely

The Heron - Phase II 617 North Blvd 224 2026 Upscale/Luxury Units

Residences at Highland Highland at Bluebonnet 224 2026 Upscale/Luxury Units

River House - Phase III Nicholson Drive 160 2026 Upscale/Luxury Units

Cypress at Ardendale Senior North Ardenwood Blvd 70 2026 Affordable Elderly Housing Units - EBRHA

Howell Village Senior Howell Blvd 72 2026 Affordable Elderly Housing Units - EBRCOA/GCHP

Cypress at Ward Creek 4550 North Blvd 65 2027 Affordable Elderly Housing Units

Morningside at Joor Place 4663 Joor Road (Central) 216 2025 Affordable Housing Units

Conventional Student Affordable

Total Proposed 2026-2027 Likely 1,031 608 0 423

Proposed Apartments 2026 - 2027 - Less Likely

Standard at Cedar Lodge Town Center 286 2027 Upscale/Luxury Units

Sterling Southgate Nicholson at Burbank 272 2026 Student - 766 Beds

Capstone at North Point 5800 Block Airline Hwy 113 2026 Affordable Elderly Housing Units

Prince Hall Masonic Temple North Boulevard 46 2027 Mixed-Income

Lotus Village at the Lakes 15300 Plank Road (Baker) 49 2027 Affordable Elderly Housing Units-EBRCOA

Villas 225 Fire Station Road (Zachary) 210 2026 PRIME 3 Mixed-Income

Sherwood Park 5325 Lower Zachary Rd (Zachary) 144 2026 PRIME 3 Mixed-Income

Hampton Park 96110 Florida Blvd (Walker) 144 2026 PRIME 3 Mixed-Income

Bridgetown Apts Allendale Drive (Port Allen) 44 2026 PRIME 3 Mixed-Income

Conventional Student Affordable

Total Proposed 2026-2027 Less Likely 1,308 286 272 750

Total Proposed/Announced 2026-2027 2,339 894 272 1,173

Total Built, Underway & Proposed Likely 4,879 3,191 0 1,688

Total Built, Underway & Proposed - All 6,187 3,477 272 2,438 in the Baton Rouge MSA

Apartment Complexes Announced (But Not Yet Under Construction) for 2026 - 2027

Not included in the preceding lists may be additional properties (in the planning and/or financing stages) for which the site has not been purchased, site plan approval has not been granted and/or plans have not been publicly announced. As construction of new units cannot occur without site plan approval and the process of acquiring such approval is highly political and speculative (as can be the site acquisition process), inclusion of such properties in a traditional “pipeline” analysis would be inappropriate.

III. Apartment Rent & Vacancy Statistics

On the following pages are presented tables summarizing the figures compiled from the

LSU/CID/CMDA apartment surveys performed in early 2025.

D a ta

S e t

B

R

U n it s it s it s it s it s it s

T o ta l o f

C o m p le x e s it s it s it s it s it s it s

T o ta l it s

A ll C o m p le xe s

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A p a rt m e n t D a ta b y A re a f o r L a rg e C o m p le x e s

(2

F u ll D a ta

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T a b le

A v e ra g e R e n t p e r

S q

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A v e ra g e R e n t V a c a n c y R a te r e a

T o ta l

C o m p le x e s

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T a b le

A p a rt m e n t D a ta b y A re a

F u ll D a ta

S e t)

A v e ra g e R e n t A v e ra g e R e n t p e r

S q

.F t.

V a c a n c y R

Vacancy

Zip Code

Number of

Complexes

Number of

Units per Unit per Sq. Ft. Total

70710 2 288 $1,077 $1.18 4.51%

70726 11 2,017 $1,217 $1.24 7.93%

70737 10 1,785 $1,354 $1.35 7.90%

70785 2 203 $1,404 $1.22 6.90%

70791 4 524 $1,409 $1.31 5.92%

70801 3 109 $1,604 $1.74 16.51%

70802 21 2,173 $1,520 $1.78 10.68%

70805 7 671 $772 $1.07 12.97%

70806 20 2,569 $964 $1.03 9.96%

70807 3 444 $1,505 $1.82 4.50%

70808 17 3,154 $1,278 $1.44 8.66%

70809 23 4,661 $1,298 $1.31 5.32%

70810 10 2,074 $1,300 $1.28 6.85%

70814 4 541 $746 $0.85 9.80%

70815 14 1,769 $882 $0.97 7.35%

70816 33 7,606 $1,065 $1.14 6.77%

70817 5 917 $1,340 $1.25 5.56%

70820 24 3,320 $2,033 $1.75 6.84%

70836 2 331 $1,304 $1.54 6.95%

Average Rent

T a b le

A p a r tm e n t D a ta b y Z ip C o d e

F u ll

D a ta

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N u m b e r o f

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A p a rt m e n t D a ta b y A re r e a

N u m b e r o f

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T im e P e r io d

B R

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T a b le

A p a rt m e n t D a ta b y A re a f o r L a rg e r

C o m p le x e s

M a tc h e d

S a m p le D a ta

S e t

A v e ra g e R e n t A v e ra g e R e n t p e r

S q

.F t.

V a c a n c y R r e a

N u m b e r o f

C o m p le x e s

T im e P e r io d

B R

B

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B R

B

R

B R

B

R

B R

B

R

B R

B

R T o ta l

B R

B

R

B R

B

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B R

T o ta l

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.6

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.8

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.4

.5

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T a b le

A p a rt m e n t D a ta b y A re a f o r L a rg e r

C o m p le x e s

M a tc h e d

S a m p le D a ta

S e t

A v e ra g e R e n t A v e ra g e R e n t p e r

S q

.F t.

V a c a n c y R

Vacancy

Zip Code

Number of

Complexes

Number of

Units Period per Unit per Sq. Ft. Total

2025 $1,077 $1.18 4.51%

70710 2 288 2024 $1,051 $1.15 18.06%

2023 $1,094 $1.20 10.07%

2025 $1,220 $1.24 7.91%

70726 10 1,997 2024 $1,137 $1.15 5.01%

2023 $1,218 $1.24 4.66%

2025 $1,354 $1.35 7.90%

70737 10 1,785 2024 $1,393 $1.39 3.42%

2023 $1,378 $1.37 4.37%

2025 $1,404 $1.22 6.90%

70785 2 203 2024 $1,295 $1.13 10.34%

2023 $1,329 $1.15 5.42%

2025 $1,409 $1.31 5.92%

70791 4 524 2024 $1,453 $1.35 6.68%

2023 $1,430 $1.33 5.53%

2025 $1,604 $1.74 16.51%

70801 3 109 2024 $1,516 $1.65 9.17%

2023 $1,583 $1.72 6.42%

2025 $1,528 $1.79 10.69%

70802 20 2,133 2024 $1,438 $1.69 5.63%

2023 $1,374 $1.61 6.09%

2025 $772 $1.07 12.97%

70805 7 671 2024 $783 $1.08 6.26%

2023 $740 $1.02 7.90%

2025 $964 $1.03 9.96%

70806 20 2,569 2024 $962 $1.02 4.01%

2023 $935 $1.00 4.71%

2025 $1,505 $1.82 4.50%

70807 3 444 2024 $1,112 $1.35 0.90%

2023 $1,258 $1.52 1.58%

2025 $1,279 $1.44 8.71%

70808 16 3,136 2024 $1,213 $1.36 8.71%

2023 $1,236 $1.39 4.88%

2025 $1,302 $1.31 5.35%

70809 22 4,633 2024 $1,229 $1.24 5.37%

2023 $1,258 $1.27 4.32%

2025 $1,300 $1.28 6.85%

70810 10 2,074 2024 $1,252 $1.23 5.30%

2023 $1,286 $1.27 3.47%

2025 $746 $0.85 9.80%

70814 4 541 2024 $739 $0.85 4.44%

2023 $751 $0.86 2.59%

2025 $882 $0.97 7.35%

70815 14 1,769 2024 $838 $0.93 4.24%

2023 $818 $0.90 6.67%

2025 $1,064 $1.15 6.78%

70816 32 7,552 2024 $1,004 $1.08 3.73%

2023 $1,000 $1.08 4.87%

T a b le

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