Berkadia Completes $56 Million Sale Of 740-Unit Multifamily Portfolio In The New Orleans Area
NEW ORLEANS — Berkadia today announced the $56 million combined sale of Cedarwood Apartments and Baywood East and West Apartments, both multifamily communities located in Gretna, Louisiana. Managing Director Gregg Cordaro of Berkadia’s Louisiana office led the sale of the two properties on behalf of the seller Delta Alliance Capital Management. The buyer was Alabama-based Multifamily Management Inc.
“Baywood and Cedarwood Apartments have stabilized occupancy, providing the buyer with outstanding cash-on-cash returns and long-term upsides on IRRs,” said Cordaro. “We are certain that their improvements will increase the value for both the owner and the residents.”
Cedarwood Apartments is a 226-unit garden-style multifamily community upgraded following Hurricane Katrina in 2007 and located at 2350 Park Place Drive. The community offers one-, two- and three-bedroom units with air conditioning, patios or balconies and in-unit washers and dryers. Community amenities include a fitness center, a pool and a playground. Residents are located just across the Mississippi River from downtown New Orleans and the French Quarter.
Baywood East and West Apartments is a 514-unit garden-style multifamily community located at 500 Wall Blvd. The community offers one-, two- and three-bedroom floorplans with air conditioning, in-unit washers and dryers and ceiling fans. Community amenities include a fitness center, a pool and a tennis court. Residents also have convenient access to the French Quarter and downtown New Orleans.