Multifamily Management Inc. has acquired a two-property portfolio in Gretna, La., for $56 million. Delta Alliance Capital Management sold the 514-unit Baywood Apartments, along with the 226-unit Cedarwood Apartments. A team of Berkadia brokers negotiated the transaction on behalf of the seller.
The two properties are within three miles of one another, within the Terrytown submarket, just across the Mississippi River from downtown New Orleans and the French Quarter. Both communities are in proximity to several retailers and restaurants, as well as thoroughfares which ensure access around the metro, such as State Route 90, Wall and Lapalco boulevards.
“Baywood and Cedarwood Apartments have stabilized occupancy, providing the buyer with outstanding cash-on-cash returns and long-term upsides on IRRs. We are certain that their improvements will increase the value for both the owner and the residents,” said Gregg Cordaro, managing director at Berkadia, in a prepared statement.
Cedarwood Apartments is situated at 2350 Park Place Drive. Its 19 buildings occupy 9.4 acres and include 105 one-bedroom, 74 two-bedroom and 47 three-bedroom units, ranging from 750 to 1,250 square feet. The 1978-built community features common-area amenities such as a tennis court, two swimming pools, laundry facilities and 320 parking spaces.
Baywood Apartments is located at 500 Wall Blvd. and comprises two phases, East and West, both constructed in 1984. The floorplan mix consists of 240 one-bedroom, 228 two-bedroom and 46 three-bedroom configurations, ranging from 700 to 1,250 square feet. Common-area amenities include a fitness center, business center, a playground, four swimming pools, a spa, laundry facilities and 840 parking spaces.
Image courtesy of Berkadia