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July StBaton Rouge, LA 70808
The Cove at State Street
Asset ClassMultifamily, Student Housing
OFF-CAMPUS STUDENT HOUSING ADJACENT TO LSU | BATON ROUGE, LOUISIANA
overview of deal

Overview

The Cove at State Street (formerly Tiger Manor) is a 402-unit, 686-bed garden-style apartment community in Baton Rouge’s North Gate neighborhood, the principal off-campus housing district immediately north of Louisiana State University. The property comprises 311,156 rentable square feet across studio, one-, two-, and three-bedroom layouts (453–1,116 SF) and offers a resort-style pool, fitness center, yoga studio, in-unit washers and dryers, and stainless steel appliances, with select units featuring hardwood flooring.

As a student-oriented multifamily community functioning as off-campus housing, the asset is positioned to benefit directly from one of the most favorable university demand backdrops in the Southeast. LSU enrolled 43,385 students in Fall 2025, including a record 8,214-student freshman class with the strongest academic profile in school history. First-year retention exceeds 84%, and the six-year graduation rate exceeds 65%. With roughly 78% of students living off-campus and no announced on-campus housing additions at scale, structural demand for North Gates product continues to grow - a tailwind that supports leasing velocity, rent growth, and long-term market desirability. Tiger Stadium and LSU’s broader athletics and cultural footprint reinforce year-round activity in the immediate area, while Highland Road and State Street connect the property to downtown Baton Rouge, Southern University, and the regional employment base.

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Investment Highlights

# Units
402
# Beds
686
AVG SF
311,156
Parking Spaces
592 Spaces

Walkable to a Flagship SEC University

The property sits in North Gates - LSU’s established off-campus housing district - within walking distance of campus and the North Gates dining and social corridor anchored by The Chimes, Louie’s Café, and the original Raising Cane’s. Walkable proximity at this basis cannot be replicated through new construction.

 

Deep Going-In Basis

The price per bed is materially below replacement cost and below recent comparable student-housing trades in the Baton Rouge market, providing meaningful downside protection.

 

Heavy Value-Add with Clear Mark-to-Market Upside

In-place rents are below those of comparable LSU-area properties, providing significant upside through a substantial capital program across unit interiors and amenities, a leasing reset aligned with the LSU pre-leasing calendar, and a recalibration of operating expenses (notably turnover costs running well above market).

 

Captive, Growing Demand Base

LSU enrolled 43,385 students in Fall 2025, including the largest freshman class, and roughly 78% of students live off-campus. On-campus housing capacity is structurally limited.

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July StBaton Rouge, LA 70808

CONTACTS

Jennifer Stein Real Estate, Inc.Broker

License #: Brok0995688204-Act

(213) 446-5366jstein@jenniferstein-realestate.com
Rittenhouse Realty Advisors dba GREA

License #: PA License: RB067751

Jordon EmmotFounding Partner(713) 595-9584jordon.emmott@grea.com
Adam SmithSenior Broker(971) 717-6345adam.smith@grea.com

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