October 2009

www.LarrySchedler.com

Metro New Orleans Multi-Family RecoveryScarcity to Excess Capacity

Post-Katrina/Multi-Family Sales

Chenault Creek Apartments

Eastern New Orleans

# of Units: 584

Year Built: 1984 – 1986

Sale Price: $8,200,000 ($14,041/unit)

• This asset was gutted at the time of sale and

required a complete rehab.

• This was the last property build in New

Orleans East, making it over 20 years of age.

• No subsidies associated with this asset.

• Acquired by a private investor/contractor.

Barriers to Multi-Family Development

St Tammany

Land Available(difficult to

develop)

Eastern N.O.Multi-FamilyMoratorium

LakeviewBuilt Out

West BankMulti-FamilyMoratorium

Metairie/

Kenner

Built OutSt. BernardMulti-FamilyMoratorium

37,827units

48,000 units

Multi-Family Inventory

Post-Katrina

Pre-Katrina

Pre/Post Katrina

Post Katrina ConventionalMulti-Family Inventory

Covington/Mandeville

1,885 units | 5%

Slidell

1,959 units | 5% New Orleans East

3,819 units | 10%Lakefront

333 units | 19%

Kenner

3,024 | 8%

Algiers

3,930 units | 10%Jefferson Parish

West Bank

6,450 units | 17%

Metairie

10,520 units | 28%

Harahan

3,355 units | 9%

Historic

2,552 | 2%

(Total units 37,827)

Metro New Orleans

1,150,000

1,350,000

Post-Katrina

Pre-Katrina

Pre/Post Katrina Population

Credit Allocation Per Resident* 100% of the GO Zone is treated as a “difficult development area,” meaning credits apply to 130% of the project basis.

Source: Louisiana Economic Development Louisiana Gulf Opportunity Zone Business Guide

$18.00

$1.80

LIHTCPre/Post Katrina

New DevelopmentsPost Katrina

Falstaff Apartments

New Orleans

# of Units: 147 (74 market rate/ 73 affordable)

Mixed-Income Development

Total Costs: $26,600,000

Total Credit Equity: $18,000,000

$7,600,000 – Conventional Loan

$1,000,000 – Subordinated cash flow loan from

the city of New Orleans funded with HOME

funds.

Developer: Renaissance Property Group, LLC

Lakeside Apartments

Slidell

Location: Lakeshore Estates

Developer: Provident Realty Advisors

# of Units: 250

Mixed Income:

• 50 units - Less than 40% of Median Income

• 50 units - Less than 60% of Median Income

• 150 units - Market Rate

Crescent Club Apartments

New Orleans

# of Units: 228 (137 market rate/

91 affordable)

Mixed-Income Development

Total Costs: $52,650,000

Tax Credit Equity: $20,200,000

First Mortgage: $10,750,000

CDBF Loan: $19,600,000

Developer Rate: $1,900,000

Developer: Domain Companies

One Lakeway Center3900 N. Causeway Blvd.Suite 1424Metairie, La 70002

phone: 504-836-5222fax: 504-835-6944

www.LarrySchedler.com

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