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Apartments for Sale

New Orleans complex sells for $54.5 million

american-canNEW ORLEANS — A month after an Atlanta company bought the American Can complex in Mid-City, a Florida investment group has sealed the deal on another major apartment development in the same area.

Conveyance records show Priderock Capital Partners of West Palm Beach purchased the 441-unit Esplanade at City Park for $54.5 million. The deal closed Nov. 19, New Orleans CityBusiness reported (http://bit.ly/18o7RcI).

The seller was Old Man River Esplanade LLC, a group led by New York real estate investor Jeffrey Feil.

His family company, the Feil Organization, owns Lakeside Shopping Center, the three Lakeway Center buildings and other properties in Metairie as well as the site of the Costco Wholesale store in New Orleans.

In October, Audubon Communities Management bought the 268-unit American Can complex for $30.08 million from HRI Properties.

The real estate investment and management firm is planning minor renovation and upgrades to amenities.

A spokesman for Priderock Capital declined comment on the Esplanade purchase, citing a confidentiality agreement. Representatives for Feil and his investment group also declined comment.

Local broker for the transaction was Larry Schedler of Larry G. Schedler and Associates, who partnered with the national firm Cushman & Wakefield.

Schedler, who represented the seller, said the property got a lot of interest when it was placed on the market earlier this year.

Schedler said the 240,000-square-foot complex, which is nearly fully leased, offered many positives to prospective buyers, including its proximity to streetcar and bus lines.

The seven-story, V-shaped building was built in 1973 and includes one-, two- and three-bedroom units, as well as some studio apartments. Rents range from $995 to 2,555 per month, and residents includes a mix of elderly residents, young adults and college students, Schedler said.

Feil’s investment group bought the complex in August 2006 — a year after Hurricane Katrina struck — for $46 million. Levee failures flooded the lobby with 14 inches of water, and the storm’s wind tore off parts of the building’s roof, causing about $10 million in damage.