Investment Overview

The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Arborson the Lake, a 132-unit multifamily community located on the shore of Lake Pontchartrain in New Orleans, LA. Arbors on the Lake has enjoyed strong historical occupancy in the 95%+ range and has received significant capital infusion in recent years into both exteriors and interiors across the property. These strategic investments have led to new leases garnering premiums up to $115. Arbors on the Lake has received a variety of updates, such as a total roof replacement in 2022, new appliances across select units, HVAC and electrical replacements, and parking lot replacement/repairs. A clear opportunity exists for the next investor to realize additional value by way of continuing to update interiors across all remaining classic units which would yield a significant uptick to the current NOI. Arbors on the Lake is situated within minutes of several significant redevelopment projects in New Orleans East which were recently announced in January 2023. Most notably, the revitalization of Lincoln Beach, a historical recreation and amusement area (Two miles from the property) will undergo a complete overhaul to serve residents within the district. Other projects include major improvements to the New Orleans Regional Business Park, along with the redevelopment of the Six Flags site which is currently in discussion to become a new logistics complex, which would also include athletic fields and other retail and public amenities. Calceum, a Spain-based cement manufacturer recently announced a $35mm expansion which will be built less than five miles from Arbors on the Lake and is expected to add 70 direct jobs to the area. The district is also home to NASA's Michoud Assembly Facility, which employs more than 4,500 employees by tenants such as Lockheed Martin and Boeing, making New Orleans one of the only areas in the world equipped in design and development of military and space vehicles. The Greater New Orleans region also boasts the most integrated national waterway, railroad, and highway infrastructure system in the nation. As of 2023, trade at the port increased 19% annually with a port that sees 11,000+ vessels moving more than 500 million tons of cargo each year making it one of the largest port systems in the world by tonnage. Arbors on the Lake will be offered either free and clear of existing debt or as an assumption of the existing agency loan. Please contact the Gulf States office of Marcus and Millichap for additional information regarding this recent closing as well as additional opportunities across our pipeline. We look forward to working with you in the year ahead!