Carter Multifamily Invests $29M in Suburban New Orleans
- Oct 17, 2018
Carter Multifamily has acquired Pelican Pointe, a multifamily community in Slidell, La. The property traded for $28.6 million. According to Yardi Matrix, Haley Real Estate Group sold the asset. Pelican Pointe became subject to a 10-year, $18 million CMBS loan provided by Fannie Mae in 2015 at an interest rate of 4.6 percent per annum.
Pelican Pointe is located at 3400 Pelican Pointe Drive, on the northern shore of Lake Pontchartrain. The community has a total of 266 units, of which 89 are one-bedroom, 116 two-bedroom and 64 three-bedroom. Floorplans range in size from 1,027 to 1,382 square feet. In addition to the 22 residential buildings, the property features a maintenance building and a two-story office and clubhouse. Common-area amenities include a fitness center, business center, tennis room, basketball court, two swimming pools and 410 parking spaces.
The community is located 30 miles from downtown New Orleans. Several restaurants, retail and a golf club are situated in the neighboring area. Access to the metro is facilitated by the proximity to interstates 12 and 59. According to Carter Multifamily, the St. Tammany Parish suburb ranks among the top 10 Louisiana school districts, in the K-12 range.
“Pelican Pointe is located in a strong submarket with favorable workforce demographics, high barriers to entry and a positive growth outlook,” said Cindy Pfeifer, CEO of Carter Multifamily, in a prepared statement. Carter Multifamily plans to immediately implement a thorough renovation project at Pelican Pointe, with plans to add modern amenities, such as a tech café.
According to data provided by Yardi Matrix, there are currently 15 properties, totaling 3,480 units, under construction across the New Orleans metro. Among these is Domain Cos.’ latest project, The Odeon, a $106 million transit-oriented high-rise community.
Image courtesy of Yardi Matrix