Audubon Communities Grabs New Orleans Portfolio
The new owner plans to invest more than $4 million in upgrades on the four properties, which opened between 1969 and 1974.
By Jeff Hamann
Audubon Communities has acquired a suburban New Orleans Class C multifamily portfolio in Metairie, La. The developer sold the assets, totaling 557 units, for $34.4 million, according to Yardi Matrix, with the buyer funding its acquisition with a $32.3 million loan held by Melody Capital Management.
The assets involved in the transaction are the Castille Severn, Clearmont, Williamsburg and Yorkshire communities, which will be rebranded as The Local at Severn, Grand Vida, Bonne Vie I and II, respectively. As of January 2018, the properties were 92.5 percent leased, per a weighted average of Yardi Matrix data. Audubon intends to begin more than $4 million of renovation work to update the New Orleans residential portfolio in the future.
A large suburban portfolio
The two-building Local at Severn opened in 1974 and is located at 3409 Severn Ave., three blocks north of Lakeside Shopping Center, a 967,000-square-foot mall. The property offers a 161-unit mix of efficiency, studio, one-, two- and three-bedroom apartments, ranging in size from 312 to 2,054 square feet. Amenities include two swimming pools, a fitness center, laundry facilities and a community room.
The Grand Vida’s 14 garden-style buildings are situated on 5.9 acres at 2220 Cleary Ave., one mile from the entrance to Interstate 10. The community, which opened in 1972, includes one- and two-bedroom units ranging between 650 and 1,059 square feet. Two swimming pools, three laundry facilities and more than 500 on-site parking spaces are available for resident use.
Bonnie Vie I, located at 3105 Edenborn Ave., includes 51 one- to three-bedroom units across two three-story buildings situated one mile north of Interstate 10. Apartments range from 702 to 1,676 square feet. The property opened its doors in 1969, with current amenities including a pool, a communal laundry room and 68 parking spaces.
A quarter mile north at 3420 Edenborn Ave., the 92-unit Bonnie Vie II sits within one mile of Lake Pontchartrain Causeway. Constructed in 1969, the property’s three buildings include a mix of one- to three-bedroom apartments, with floor plans varying between 725 and 1,250 square feet. Residential amenities include a swimming pool, laundry facilities and parking.
Images courtesy of Yardi Matrix
