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2425 Louisiana Ave. - New Orleans, LA 70115
PROPERTY OVERVIEW
Flint Goodridge Apartments was originally built as a hospital, which operated from 1896 to 1983 and was owned by Dillard University. Today, the property is listed on the U.S. National Register of Historic Places. The property was first converted into apartments in 1989 and was renovated in 2007. The 89-unit affordable housing community is age restricted for seniors. Flint Goodridge Apartments boasts a desirable residential address in the heart of New Orleans, centrally located minutes from major retailers, including Ross and The Home Depot. Numerous restaurants, outdoor recreation, healthcare facilities, and major transportation arteries are nearby as well.
The property was renovated and placed in service in 2007 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 30% & 60% of the Area Median Income (AMI) limits, which are provided by the Louisiana Housing Corporation. The property is beyond its initial compliance period.
Additionally, the property receives rental subsidy under a Project-Based Voucher (PBV) Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of November 1, 2017 and provides assistance for 87 of 89 units for an effective term of 15 years.
The property offers studio, one, and two bedroom apartment homes featuring a full kitchen, heating/air conditioning, and ceiling fans. Community amenities include a business center, planned social activities, on-site laundry facility, clubhouse, and disposal chutes.
The Property is Located Approximately 10 Minutes from Downtown New Orleans, Offering Residents a Variety of Entertainment and Employment Options
Senior LIHTC Property with a PBV Contract Covering 87 of 89 Units
Excellent HUD FMR Growth in Orleans Parish with a 15.34% Increase in 2024 on Studio, One, and Two Bedroom Units
The Contract Rents Effective 11/1/2023 Increased by Over 7% Year Over Year, Displaying the Strong Rental Growth Under the PBV Contract
There are Nearly 50,000 Residents that are Ages 55+ Within 3 miles of the Property, Indictive of the Large Potential Tenant Driving Consistent Demand at the Property
Strong Demand in the New Orleans Area for Senior Housing with the Senior Population Expected to Increase by Over 21% by 2030
Located in a Terrific Submarket with the Average Household Income Being Greater than $94,000 within Two Miles of the Property
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
800 W. Main St.
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Boise, ID 83702
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Jeff Irish
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208.286.5013
jeff.irish@berkadia.com
ID License # DB36794
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MIKE TERRY
Director
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425.761.1640
mike.terry@berkadia.com
MT License # 89005
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Multifamily
225.922.4587
gregg.cordaro@berkadia.com
LA License # 8019959
Gregg Cordaro
8550 United Plaza Blvd.
Suite 702
Baton Rouge, LA 70809
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504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
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504.722.1999
chris.crump@berkadia.com
Chris Crump
PROPERTY Stats
89
UNITS
2007
Reno
46,358
sF
