Real Estate Partners Renews Commitment to New Orleans-Gretna with Renovations and New Investments
Real Estate Partners, Inc., a national real estate investment and management services company specializing in the acquisition, repositioning, management and disposition of high-growth properties, announced today it is actively seeking major multifamily investment opportunities in the greater New Orleans, Louisiana, region while completing renovations to its two apartment communities in the area, Baywood and Cedarwood. Rehabilitation of these Hurricane Katrina damaged properties includes capital improvements amounting to more than $15 million.
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October 27, 2006 (FPRC) -- company specializing in the acquisition, repositioning, management and disposition of high-growth properties, announced today it is actively seeking major multifamily investment opportunities in the greater New Orleans, Louisiana, region while completing renovations to its two apartment communities in the area.
Like many properties in New Orleans and neighboring Gretna, Real Estate Partners’ two large apartment communities, Baywood and Cedarwood, suffered extensive damage from Hurricane Katrina. Rehabilitation of these damaged properties includes capital improvements amounting to more than $15,000,000. To date, Real Estate Partners has completed extensive renovation of the exterior of Baywood, a 252-unit property, and is now proceeding with the interior.
At Cedarwood, a 252-unit property, the exterior will be completed by the end of October with interior renovations commencing at that time. To insure the safety of all their tenants, Real Estate Partners has upgraded the siding, roofing, windows and doors to withstand wind velocity of approximately 160 miles per hour, which complies with international wind safety standards. The properties did not suffer significant flood damage from rising water.
“When completed, we will have virtually new properties,” said Tom Thompson, president of Real Estate Partners. “We hope this will help ease the transition for our returning residents, many of whom we were able to provide housing for in our San Antonio, Texas, properties.”
Real Estate Partners believes the region is experiencing a strong recovery. “We are actively looking for additional investments in multifamily,” explained Thompson. “After extensive research, we believe there will be major economic growth and population growth for the region. We see other major investors starting to move into the Gulf Coast as well. We believe the greater New Orleans area will provide one of the highest returns on investment in the U.S. over the next few years.”
Real Estate Partners, Inc., based in Irvine, Calif., is a privately held real estate investment services firm specializing in the acquisition, repositioning, management and disposition of high-growth properties, including multifamily, retail, office and industrial.
Real Estate Partners offers unique opportunities to individual and group investors and 1031 exchanges requirements. The principals and officers of Real Estate Partners are creative, experienced commercial real estate investment and finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services. To view Real Estate Partners’ apartment communities, visit www.great-apartments.com. For more information about Real Estate Partners, call 877-986-1700 toll-free or visit www.realestatepartnersinc.com.
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Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Real Estate Partners, New Orleans Gretna, apartments
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