Dallas firm buys Fat City apartment building for $17.6 million
Sale of The Local on Severn: Audubon, an Atlanta-based rental housing investment company, sold The Local on Severn, a 161-unit apartment complex in Metairie, for $17.6 million to The Medve Group, a Dallas-based firm.
Location and Features: The Local on Severn is located two blocks from Lakeside Shopping Center in Fat City and includes studio, one-, two-, and three-bedroom apartments.
Previous Ownership and Renovation: Audubon bought the property in 2018 and conducted major interior and exterior renovations.
Audubon’s Activity: Audubon has been active in the New Orleans metro area, including part-ownership of the American Can Company apartments and the development of The Metro at Clearview apartments.
Market Trends: The transaction reflects increased interest in the gentrifying Fat City neighborhood, with buyers looking to renovate and reposition older properties.