NEW ORLEANS, LA - Audubon Communities, an Atlanta-based company specializing in the acquisition and management of multifamily properties throughout the Southeast, has completed a four-project portfolio acquisition in Metairie, Louisiana, a suburb of New Orleans. Audubon’s equity partner on this transaction is Cleveland-based Legacy Capital Partners, marking the companies’ second project together.
The portfolio consists of four properties and 557 units:
Castille Severn (161 units), to be renamed The Local at Severn
Clearmont (252 units), to be renamed Grand Vida
Williamsburg (51 units), to be renamed Bonne Vie I
Yorkshire (92 units), to be renamed Bonne Vie II
“The Metairie project is an exciting milestone at Audubon, bringing us to 5,000 units in our total portfolio, of which nearly 2,000 are located in Louisiana,” said Andrew Schwarz, Audubon’s founder and CEO. “We’ve seen tremendous success in the greater New Orleans market, providing our investors with attractive returns while creating attractive housing options for the community.”
Audubon acquired the four properties from the original developer, who built them between 1968 and 1972. The company plans to invest more than $4 million in upgrades for the facilities, with particular attention to be focused on the leasing offices and amenities at each property. In addition, all of the original windows will be replaced with new energy efficient options, new siding will be installed, and significant repairs are planned for the roofs.
“Metairie is an upscale neighborhood, containing the top-rated public schools in the New Orleans market and an impressive average household income,” said Schwarz. “This portfolio is an opportunity to flex our muscles with a quick turnaround on making these substantial upgrades and continuing our successful track record.”
This portfolio also represents an opportunity to realize substantial operational efficiencies, including transitioning utilities to residents. Audubon financed the acquisition with a bridge loan from Philadelphia-based Resource Real Estate.