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St. James Apartment Portfolio 5 Multifamily Properties in New Orleans, LA
Investment Highlights
- Occupancy: 97%
Executive Summary
The McEnery Company is pleased to bring to market a rare and highly profitable apartment portfolio with strong footholds across the metropolitan area. The St. James portfolio comprises a total of 319 units secured on 5 strategically located sites with remarkably well maintained physical plants at each location. The level of management and impeccable maintenance in place at all 5 properties is rare in this asset class and serves to provide a durable and efficient investment opportunity with a strong equity return and safe haven for growth and prosperity in the severely underserved affordable housing sector in New Orleans. The combined net income on the 319-unit portfolio is accurately calculated at $1,658,000, with rents and occupancies showing strong and modest growth. The properties maintain relatively lower percentage subsidies with the majority of the tenants payment market rent, comprising a very healthy and coveted tenant mix. The St. James portfolio provides a refreshing opportunity for real returns in this returned starved market of late, and we look forward to receiving qualified expressions of interest.
Property Facts
| Sale Type | Investment | Individually For Sale | 2 |
| Status | Active | Total Building Size | 246,844 SF |
| Number of Properties | 5 | Total Land Area | 20.12 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Individually For Sale | 2 |
| Total Building Size | 246,844 SF |
| Total Land Area | 20.12 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Gentilly Ridge Apartments
6000 Chef Menteur Highway, New Orleans, LA 70126 |
Multifamily | 69,636 SF | 1970 | - |
|
St James at Preston Place
3300 Preston Pl, New Orleans, LA 70131 |
Multifamily | 67,408 SF | 1973 | - |
| 7700 Downman Rd, New Orleans, LA 70126 | Multifamily | 55,600 SF | 1980 | - |
|
Congress Square Apartments
1432 Independence St, New Orleans, LA 70117 |
Multifamily | 27,200 SF | 1985 | $2,190,000 |
|
St. James on Chef Menteur
6235 Chef Menteur Hwy, New Orleans, LA 70126 |
Multifamily | 27,000 SF | 1970 | $1,980,000 |
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St. James Apartment Portfolio
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