Sanctioned Russian oligarch invested in an off-campus apartment complex for Louisiana State University students

A US sanctions man has a stake in an off-campus apartment complex for Louisiana State University students, according to a report.

For more than five years, mortgage reports showed that billionaire businessman Viktor Vekselberg invested part of his $16.6 billion fortune in Arlington Cottages and Townhomes in Baton Rouge, Louisiana.

The Arlington Cottages were financed in part by a $44.1 million loan, which was placed on a watchlist for risk of default due to Vekselberg's involvement in 2018, the outlet reported. The owners of the complex obtained a special operating license from the Treasury Department.

Hilary Marshall, a spokeswoman for the investment firm Coastal Ridge Real Estate Partners, said that Vekselberg is a minority investor in the property.

Marshall said that Vekselberg's involvement in the apartment complex was aided by investment firm Bracken Capital, which previously worked with his company Renova Group.

According to the report, the real estate investment firm is working with OFAC to comply with sanctions-related laws and regulations and is actively working to exit this investment in the near term.

Vekselberg is one of the Russian tycoons impacted by US sanctions. The billionaire has been sanctioned before.

The first vessel to be seized by the US in the wake of the sanctions was a $90 million yacht docked in Spain.