Massive New Orleans Auction Includes Hundreds of Apartment Units
- Nov 12, 2013
Looking for a strip mall? A CBD condo? A fourplex? Or maybe a 344-unit apartment complex? If the answer is yes, save the date: On Nov. 21, Sperry Van Ness/Gilmore Auction & Realty, the Louisiana franchise of Sperry Van Ness International, will hold its Fourth Quarter Year-End Sell-Off, by order of local banks and other entities.
Set to be held at the Crowne Plaza New Orleans Hotel, the public auction includes 37 properties that will be sold absolute, with no minimum or reserve. “This will be one of the best opportunities to buy real estate in Louisiana in the last few years. Our clients are extremely motivated to sell these assets prior to year-end,” declared Sperry Van Ness/Gilmore Auction Managing Partner David Gilmore, CCIM, in a press release. Auction assets are located throughout Louisiana, with the exception of one in Mississippi, and include several metro New Orleans locations, such as New Orleans proper, Covington, Slidell, Chalmette, Abita Springs, as well as Capital Region locations such as Denham Springs, Hammond, Gonzales and Zachary.
One of the greater New Orleans area properties to be auctioned off is the Versailles Arms Apartments, a 344-unit apartment complex sprawled on a 21-acre site in New Orleans East. Prior to Katrina, the two-phase asset was a 236-unit Section 8 apartment complex, but underwent a $5.5 million rehab after the storm, which includes new roofing, siding, reframed windows and doors, and gutting all units to the studs. The complex consists of 43 two-story brick-veneer buildings comprising one- to four-bedroom apartments. The apartment community is located on a public transportation line and borders the Maxent Lagoon on one side, which provides green space.
Another multifamily asset to be auctioned off is a 16-unit townhouse apartment cluster on Golden Drive. Consisting of four two-story fourplex buildings, the asset totals 16,384 square feet and comprises two-bedroom units. The asset will be sold either as a package or broken up. A 4,500-square-foot New Orleans CBD office/residential condo in the Les Carillons Condominiums complete with two parking spaces is also up for grabs, as are 13 residential lots and several single-family homes, including a two-story boathouse and a five-bedroom Victorian and a single-story duplex.
Photo credits: Sperry Van Ness/Gilmore Auction