North New Orleans Community Changes Hands for $18M
The Local on Severn last traded in 2018, when Audubon purchased it for almost $11 million.
Audubon has sold The Local on Severn, a 161-unit community in Metairie, La., to a Texas-based property management group for $17.6 million.
The community last changed hands for $10.8 million in 2018, according to Yardi Matrix data. Melody Capital Management provided a roughly $9.3 million loan for the acquisition. Two years later, the property became subject to a $10.9 million CMBS loan originated by Newmark, with Citibank as a trustee.
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Formerly known as Castille Severn, the 1974-built property encompasses two buildings across 3 acres. The three-story structures feature studio, one-, two- and three-bedroom apartments ranging between 312 and 2,054 square feet. Common-area amenities include two swimming pools, four laundry facilities, a fitness center, a community room, two courtyards, a sundeck, controlled access and 192 parking spaces.
Located at 3409 Severn Ave., The Local on Severn is near Interstate 10, which provides easy access across the New Orleans metropolitan area. Lakeside Shopping Center and Lakefront Trail are within a 2-mile radius of the community.
After this sale, Audubon has two other properties in the New Orleans metro area, totaling 519 units, the same data provider shows. Additionally, the company is also building a 270-unit project located some 3 miles from The Local at Severn.
