Stonebridge Manor — Sale in Gretna, LA
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Gretna, LA 70056
Photos
Description
Marcus & Millichap is pleased to present Stonebridge Manor, a 264-unit value-add multifamily community at 3300 Wall Boulevard in Gretna, Louisiana, on the West Bank of the New Orleans MSA. Built in 1984 across 230,760 rentable square feet, the property offers garden and townhome floor plans with an average unit size of 874 square feet, a pool and sundeck, clubhouse, fitness center, dog park and playground, with gated controlled access. The property is 97.0% leased and 91.3% physically occupied as of the current rent roll, and collections have already normalized: economic occupancy over the trailing three months is 91.6%, up from 84.7% on the trailing twelve. Thirty-eight interiors have been renovated and management prices renovated two-bedroom townhomes $200 a month above classic units, with 226 classic units remaining. A utility reimbursement program is live and recovering roughly 47% of water/sewer cost, leaving a second income lever that requires no capital. Stonebridge Manor sits in a supply-constrained submarket with roughly 487 units under construction metro-wide and a West Bank employment base anchored by healthcare, the naval air station and the Avondale Global Gateway. The property's 100% Mission-Driven rent profile qualifies for agency financing. The offering is unpriced. Investment Highlights: • 264-unit garden and townhome community on the Wall Boulevard corridor in Gretna, West Bank of the New Orleans MSA, minutes from the Crescent City Connection • 97.0% leased and 91.3% physically occupied per the current rent roll; economic occupancy recovered to 91.6% over the trailing three months from 84.7% on the trailing twelve • Proven interior program: 38 of 264 units renovated with new countertops, cabinetry, appliances, fixtures and plank flooring; renovated two-bedroom townhomes ask $200/month over classic • Utility reimbursement already in place, recovering roughly 47% of water/sewer cost, with room to move toward market-standard recovery at no capital co
Market Context
This multifamily in Gretna, LA is listed for sale. Compare it against other multifamily listings for sale in Gretna, LA — view the full market.
Contact
- Charlie Smith · (225) 376-6800 · charlie.smith@marcusmillichap.com
- John Hamilton · (225) 376-6749 · john.hamilton@marcusmillichap.com
- Jessica Thompson · (225) 376-6726 · jessica.thompson@marcusmillichap.com
- Brandon Brown · (713) 239-0506 · brandon.brown@marcusmillichap.com
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