The Ryan Apartments (formerly Erdace Apartments) a 270-unit multifamily property located in Downtown Lake Charles, Louisiana, was acquired for $30 million through the assumption of an existing HUD-insured loan. Following the acquisition, the business plan is to implement a multi-million dollar capital improvement program and reposition the property as The Ryan Apartments. The business plan includes upgrades to apartment interiors and common areas, as well as operational enhancements intended to improve the resident experience and support rent growth.

The property is located near the Lake Charles shoreline and consists of studio, one-bedroom, and two-bedroom apartment units. Existing unit features include dishwashers, high ceilings, walk-in closets, granite countertops, stainless-steel and energy-efficient appliances, air conditioning, high-speed internet access, and private patios or balconies. Community amenities include a clubhouse, resident lounge, café, fitness center, business center, indoor and outdoor pavilions, and an outdoor swimming pool. Planned capital improvements include renovations to the lobby, façades, hallways, and balconies. The property also benefits from proximity to major employment centers, retail destinations, restaurants, and recreational amenities within the Lake Charles market.