St. James Apartment Portfolio

Addresses: 6000 Chef Menteur Hwy, New Orleans, LA 70126 3300 Preston Place, New Orleans, LA 70131 7700 Downman Road, New Orleans, LA 70126 6235 Chef Menteur Hwy, New Orleans, LA 70126 1432 Independence Street, New Orleans, LA 70117

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 $1,764,000, 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.

List Price: Contact Brokers

NOI: $1,658,000

# of Units: 319 Units

# of Properties: 5

Total Building Area: 269,975 SF

Total Land Size: 10.02 Acres

Occupancy: 97%