METAIRIE, LA - Audubon, a leading rental housing investment company, announced today that The Local on Severn, a 161-unit apartment complex located in Metairie, Louisiana, was sold for $17.6 million.
“Our business plan revolves around the repositioning of multifamily assets through strategic reinvestment and experienced management to increase property value,” said Myles Cunningham, Managing Partner and CIO at Audubon. “We’re thrilled with the sale of this notable apartment complex, as the transaction is a testament to Audubon’s ability to provide a great return on investment to its investors.”
Positioned just northwest of downtown Baton Rouge, The Local on Severn features 161-units and about 140,000 rentable square feet of studio, one-, two- and three-bedroom apartments. The Local on Severn is a pet-friendly community and home to a variety of amenities including two swimming pools and sundecks. Select in-home amenities include granite countertops, sleek vinyl wood flooring, walk-in closets, and private patios and balconies.
The apartment neighborhood offers convenient access to North Causeway Blvd. and Interstate 10. A variety of local shopping, dining, and entertainment options are within walking distance to the apartment complex in downtown Metairie.
The property was sold to a Texas-based property management group whose portfolio includes a handful of other properties located in Louisiana.
As specialists in the acquisition, development, management and investment of multifamily properties, Audubon isn’t just passionate about their communities but view every action as an opportunity to demonstrate their commitment to bettering the overall quality of life across their portfolio. With reach spanning throughout the Southeast, Audubon has properties in Georgia, Louisiana, Alabama and the Carolinas.
Audubon is a premier apartment investment company specializing in the acquisition, development, and management of residential communities. With a commitment to quality and innovation, Audubon strives to enhance lifestyles and make an impact while delivering strong returns for investors. | acmapts.com