Bruno Acquisition, Upgrade of Oakmont Apartments Worth $24M
- Dec 22, 2014
New Orleans-based Bruno Inc. has acquired Oakmont – New Orleans, a 336-unit apartment community in Algiers. Bruno Inc. president & CEO Joshua Bruno partnered with Raj Pandit on the acquisition. Bruno and the managing member of Pandit Law Firm LLC acquired the 16-acre apartment community, located not far from New Orleans’ booming downtown, from a Chicago-based real estate investment trust. They plan to upgrade the property.
“This acquisition is ripe for repositioning at a time when New Orleans is under increased housing demands, with an inadequate supply for the metro-area workforce,” Bruno declared.
While the acquisition price has not been disclosed, Bruno told Multi-Housing News “the overall project is $24 million.”
Oakmont Apartments’ planned upgrades have a resident-centric focus. Among the additions will be community gathering places with BBQ grills, enclosed playgrounds, complimentary Wi-Fi, as well as an on-site business center, CCTV cameras and a bevy of exterior cosmetic upgrades. The developers will also invest in adding more green points to Oakmonts’ reputation by installing energy-efficient LED lighting and covered bike racks and planting hundreds of trees and shrubs throughout the community. Furthermore, they will install French drains and subsurface retention ponds capable of holding thousands of gallons of water during storm events in accordance with the city’s master plan and water management plan.
“We are striving to make Oakmont a true community for its residents, where interactions with neighbors will be easier and more convenient than ever before,” Bruno said.
Currently, the gated community offers a swimming pool complete with sundeck, a tennis court, water features and access to public transportation, freeways and shopping. Oakmont comprises one- and two-bedroom apartments as well as one-bedroom loft-style units. Apartments range between 750 and 950 square feet, with rents ranging between $650 and $950 per month. The community is currently fully leased.
“Though we already have a strong resident base and actually have a waiting list for units, we are committed to increasing Oakmont’s curb appeal … which we believe will help transform the surrounding neighborhood into what it could become,” Bruno said.
New Orleans-based MetroWide Apartments will manage the property. The company currently manages more than 2,000 apartments and is expanding.
Bruno Inc. owns more than 6 million square feet of commercial and multifamily space that it self manages.
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Images via oakmontneworleans.com