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Multifamily

Carmel Spring

12151 I-10 Service Rd, New Orleans, LA 70128

Listing Price: Request For Offer

Number of Units
400
Gross SF
684,463

Investment Overview

The Gulf States office of Marcus and Millichap is pleased to present the exclusive opportunity to acquire Carmel Spring Apartments, 400-units built in 1984 and situated in New Orleans, LA. Carmel Spring will arrive to market primed for further repositioning after experiencing a total roof replacement in recent months. 200+ of the 400 units, impacted by recent storms, are now ready to experience a full renovation which upon completion will result in not only an increase of nearly $2.1mm in gross potential rent, but also a well-above market stabilized yield. ?Rental rates in the immediate submarket currently average between $100-$160/month higher than Carmel Spring, a delta that will be materially bridged upon stabilization. Fully renovated interiors across the submarket are achieving even higher premiums – in excess of $200/month – which will continue placing upward pressure on both classic and renovated rents in the area. Carmel Spring will also provide future ownership with significant scale in a market with limited workforce housing supply while also boasting the most expensive residential real estate in Louisiana, a macro-economic factor which continues to drive demand for quality affordable multifamily. This asset is being offered free and clear of existing debt. Please contact the Gulf States office of Marcus and Millichap for additional information regarding this offering as well as additional opportunities across our pipeline.

Investment Highlights

  • 200+ of the 400 units, impacted by recent storms, are now ready to experience a full renovation which upon completion will result in not only an increase of nearly $2.1mm in gross potential rent, but
  • ?Rental rates in the immediate submarket currently average between $100-$160/month higher than Carmel Spring, a delta that will be materially bridged upon stabilization.
  • Fully renovated interiors across the submarket are achieving even higher premiums – in excess of $200/month – which will continue placing upward pressure on both classic & renovated rents in the area
  • Carmel Spring will also provide future ownership with significant scale in a market with limited workforce housing supply while also boasting the most expensive residential real estate in Louisiana, a macro-economic factor which continues to drive demand for quality affordable multifamily.

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
400
Gross SF
684,463

Investment Highlights

  • 200+ of the 400 units, impacted by recent storms, are now ready to experience a full renovation which upon completion will result in not only an increase of nearly $2.1mm in gross potential rent, but
  • ?Rental rates in the immediate submarket currently average between $100-$160/month higher than Carmel Spring, a delta that will be materially bridged upon stabilization.
  • Fully renovated interiors across the submarket are achieving even higher premiums – in excess of $200/month – which will continue placing upward pressure on both classic & renovated rents in the area
  • Carmel Spring will also provide future ownership with significant scale in a market with limited workforce housing supply while also boasting the most expensive residential real estate in Louisiana, a macro-economic factor which continues to drive demand for quality affordable multifamily.

Investment Overview

The Gulf States office of Marcus and Millichap is pleased to present the exclusive opportunity to acquire Carmel Spring Apartments, 400-units built in 1984 and situated in New Orleans, LA. Carmel Spring will arrive to market primed for further repositioning after experiencing a total roof replacement in recent months. 200+ of the 400 units, impacted by recent storms, are now ready to experience a full renovation which upon completion will result in not only an increase of nearly $2.1mm in gross potential rent, but also a well-above market stabilized yield. ?Rental rates in the immediate submarket currently average between $100-$160/month higher than Carmel Spring, a delta that will be materially bridged upon stabilization. Fully renovated interiors across the submarket are achieving even higher premiums – in excess of $200/month – which will continue placing upward pressure on both classic and renovated rents in the area. Carmel Spring will also provide future ownership with significant scale in a market with limited workforce housing supply while also boasting the most expensive residential real estate in Louisiana, a macro-economic factor which continues to drive demand for quality affordable multifamily. This asset is being offered free and clear of existing debt. Please contact the Gulf States office of Marcus and Millichap for additional information regarding this offering as well as additional opportunities across our pipeline.

Exclusively Listed By

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