SEPTEMBER 17, 2020
New Orleans, Louisiana – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of a two asset, 579-unit apartment community portfolio in New Orleans, Louisiana.
The portfolio is composed of two distinct properties, Whitney Manor (199 units) located at 1117 Whitney Ave, Gretna, LA 70056 and Westchase Apartments (380 units) located at 1013 Manhattan Blvd, Harvey, LA 70058. Built in 1975, these assets are conveniently situated 7 miles from Downtown New Orleans and the Historical French Quarter.
New Orleans has been a target market for OREI, who has been expanding to new markets that fall within their strategic acquisition criteria. Both assets will receive renovations including, but not limited to, improvements to the building exteriors and amenities with a committed focus on the clubhouse, pool, landscape, asphalt, roofs, gutters, and patios. Additionally, One Real Estate Investment plans to implement an interior unit renovation program to upgrade counters, cabinets, appliances, lighting and plumbing fixtures, and kitchen backsplashes.
OREI secured the portfolio in an off-market process by preempting the sale with a national broker, due to a successful transaction between OREI and the brokerage firm which occurred several months ago. OREI was selected as the buyer due to the firm’s reputation, ability to close despite external market drivers, and consistent track record.
“New Orleans has been a target market for OREI for some time, but given the scarcity of institutional multifamily there, the barriers to entry are high. We look forward to implementing our business plan on these two assets, and continuing to expand our geographical footprint throughout the South East United States.” stated Hirschfeld. “Every year, OREI pushes to acquire over 3,500 units and the acquisition of Whitney Manor and Westchase Apartments has allowed us to get one step closer to achieving our desired goal.”