TODAY’S DEALS: HRI, Woodward JV to Convert Historic New Orleans Building

HRI, Woodward JV to convert historic Louisiana building into apts; Urban Investment Partners acquires a 52-unit community in Washington, D.C.; and Hendricks & Partners arranges $975,000 sale at full listing price.

The Hibernia Building

New Orleans—HRI Properties and Woodward Interests LLC have purchased what was once Louisiana’s tallest building with plans to convert the property into 175 upscale apartments. The 23-story Hibernia Building was built in 1921 and was acquired by Capital One in 2006 in conjunction with the financial institution’s purchase of Hibernia Corporation. Capital One will continue to manage a branch on the first floor. HRI will occupy a portion of the two floors of office space as its corporate headquarters.

“We could not be more proud to be owners and soon tenants of arguably the most recognized buildings in downtown New Orleans,” says Tom Leonhard, president and chief operating officer at HRI. “HRI is recognized nationally as a pioneer in the adaptive re-use of historic structures, and the Hibernia Building will become out flagship property and our home.”

The acquisition was financed with a loan from Whitney Bank. HRI and Woodward Interests plan on closing the full $56 million of financing this September. Construction will begin shortly afterwards. Unit finishes will include granite countertops, stainless steel appliances and wood floors. The fifteenth floor will feature an amenity deck complete with pool and fitness center.

UIP acquires 52-unit community for $4.2M

2359-2401 Ontario Road

Washington, D.C.—Urban Investment Partners has purchased Meridian Hill, a 52-unit apartment building located at 2359-2401 Ontario Road NW in Washington, D.C., for $4.2 million.

“As with many of our other multifamily properties in Washington, D.C., we have reached a win/win agreement with the Ontario Road Tenants’ Association allowing UIP to make desperately needed improvements to the property while current residents receive no rent increase beyond what is permitted under D.C. rent control law,” says Steve Schwat, principal at UIP.

The firm plans to begin a $2.4 million renovation plan that will include upgrading, repairing and restoring the common areas as well as the plumbing, heating, cooling, and electrical systems. UIP will also add a secure bicycle storage room and a new roof deck. Some units will be upgraded with new kitchens and upgraded baths.

Hendricks & Partners arranges $975,000 sale at full listing price

La Boheme

Denver–Hendricks & Partners is pleased to announce the sale of La Boheme, located at 1362 Clayton Street in Denver. The 12-unit apartment community was sold for $975,000, its full listing price.

Built in 1962, La Boheme features two studio and 10 one-bedroom units. The community has been renovated, and units feature hardwood floors and balconies. La Boheme is located in the Congress Park area of Denver.

The seller was La Boheme Apartments LLC, a Colorado limited liability company of Lone Tree, Colo. The buyer was SCM Properties LLC, a Colorado limited liability company of Denver. The transaction was negotiated by John Laratta of the Denver office of Hendricks & Partners on behalf of the seller.

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