Urban Properties Partners on Multi-Family Project in Old Jefferson
NEW ORLEANS – Urban Properties Real Estate, a New Orleans-based commercial brokerage, property management and development firm, has partnered with real estate investor Anthony Marullo to purchase a multi-family property at 261 Jules Avenue off of Jefferson Highway near Ochsner Health System’s main campus.
The existing three-story structure, built in 1962, totals 18,800 square feet on a half acre in Jefferson Parish. Urban Properties is planning a cosmetic renovation of the 36-unit (32 one-bedroom and 4 two-bedroom) apartment building. The renovated apartment building will offer modern multi-family residential housing in an area that lacks updated options.
Michael Bucher, partner and director of development at Urban Properties, is leading the acquisition and renovation.
“We are pleased that Marullo chose to partner with Urban on this multi-family opportunity in Jefferson,” he said. “Our firm saw this as a unique opportunity to add multi-family to our real estate portfolio, as well as meet a need for suitable housing for area healthcare workers in close proximity to Ochsner’s largest hospital in its system.”
Cicada is the architect on the project, Hive Construction is the contractor, and The First Bank provided the financing. Urban Properties will handle the project management of the renovation process, along with leasing of the units and then overseeing property and asset management of the completed development. Move in is slated for late Spring 2022.
This is Urban Properties second project with Marullo. Urban was selected as the exclusive broker and property/asset manager for the Louisiana Revitalization Fund, a $100 million real estate fund. Since inception, the fund has deployed over $20 million in Metairie, New Orleans and Shreveport.