The Paramount kicked off the residential development for South Market when it was completed in late 2014. With its LEED Silver Certification and recognition as an Enterprise Green Building, The Paramount offers modern living with a unique New Orleans flair amongst its 209 luxury apartments in a variety of well appointed one- and two-bedroom floorplans with boutique amenities, a lush courtyard surrounding a saltwater pool, and 24/7concierge service. The property also offers approximately 21,000 sf of first class, ground floor retail space including several popular nationally known or locally regarded restaurants.
The property can be acquired on an all-cash basis or with the assumption of the existing attractive HUD loan. In addition, as the market continues to improve post covid, investors have the potential to increase returns as the retail fully stabilizes and by selectively enhancing apartment interiors and common areas.
The Paramount presents a tremendous investment opportunity to own the first residential community in the South Market District built by esteemed developer, Domain Companies.
611 O'KEEFE AVE
NEW ORLEANS, LA 70113
• Landscaped courtyard
• Large pool with soaking deck
• Stainless steel outdoor grills
• Shaded lounge seating
• Outdoor shower
• Access to fenced dog park
• Versatile clubroom with full kitchen
• Co-working space
• High speed Wifi
• Fully-equipped fitness center
• Crossfit-style equipment
• Honor bar with soft drinks, snacks and sundries
• Barre3 on-site yoga/bar/pilates studio
• Lifestyle concierge
• Leed silver-certified design
• Butterflymx video intercom system
• Priority parking access at south market garage
• 24/7 concierge
• LuxerOne package locker system
• Complimentary Wifi for one device
• Leed-silver certified
• Luxury wood plank flooring throughout
• Full-size washers & dryers
• Walk-in closets with custom built-in storage
• Chef’s kitchens
• Designer fixtures & finishes
• High speed Internet
• Stainless steel, energy-efficient appliances
• Quartz counter tops
• Custom cabinetry with ample cabinet space
• Spacious bathrooms
• Oversized subway tile showers
• White laminate vanities
• Smart home technology in penthouse and select apartment units
Senior Managing Director
Senior Managing Director
Senior Managing Director
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8550 United Plaza Boulevard
Baton Rouge, LA 70809
BATON ROUGE, LA
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.
© 2023 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/.
5960 Berkshire Lane
Dallas, TX 75225
SUPERIOR RISK ADJUSTED RETURNS
The Paramount at South Market offers a very attractive, below market assumable HUD loan. The loan has an outstanding balance of $42,183,749 with 32 years remaining at 2.37% interest. This provides a significant opportunity to obtain well above the current market returns. All these attributes suggest the opportunity for Superior Returns with limited downside risk.
FAVORABLE PROPERTY TAX INCENTIVES
The City of New Orleans has an incentive program that provides for payments in lieu of taxes (PILOT). The Paramount at South Market participates in this program providing some tax relief for the property through 2025.
AMIDST THE HIGHEST CONCENTRATION OF EMPLOYERS IN NOLA
Steps from The Paramount at South Market are numerous Class A office towers and medical employment centers. In fact, within a 3-mile radius there is 23.9M square feet of office space that is 92% leased. Additional major employers a quick commute away include the Port of New Orleans, University Medical Center of New Orleans, and Tulane University. Additionally, in a survey conducted by The Kenan- Flagler business school at UNC titled “2022’s Fastest- Growing U.S Cities”, New Orleans was ranked in the Top Ten. The study showed New Orleans’s GDP growth in 2022 to be 2.4% thanks to the strong recovery of the economy post COVID.
EXCEPTIONAL UPSIDE IN RETAIL REVENUE
As New Orleans continues its recovery from the pandemic, rent revenues from existing tenants with percentage rent structures will increase. In addition, a letter of intent has been received for the only vacant retail suite. That prospective new tenant, along with the untapped revenue from the percentage rent from existing tenants, provides exceptional upside as the dynamics of The South Market District and the surrounding Sports & Entertainment District continue to improve.
NO CURRENT COMPETITIVE SUPPLY
Living in Downtown New Orleans is sought after by new and existing residents. The lack of any new pipeline under construction and strong demand indicates that there is more room to grow rents. Further, increases in occupancy and rental growth are also projected over the next year.
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