A sale is in the works for the 624-unit St. Jean Apartments, which were heavily damaged by the catastrophic August flood.
The property is under contract with a buyer from Atlanta and former New Orleans resident, said Craig Davenport, who tracks the apartment market for Cook, Moore & Associates. Davenport said he did not know the name of the prospective buyer.
"Under contract" means the sellers have accepted the buyer's offer, but the sale has not been completed, according to the National Association of Realtors.
St. Jean Apartments Property Manager Jenni Hubert said she does not know who the property's buyer is but expects construction work on the property to begin around June.
Officials with the apartment complex's owners, Broad Management Group, did not respond to a phone message. The New York-based family-owned real estate investment and management firm acquired the apartments in June 2014 for $35.2 million.
The St. Jean Apartments, a 624-unit development near the intersection of South Harrells Ferr…
The August flood damaged all 312 units on the first floor of the apartment complex on South Harrells Ferry Road near George O'Neal Road. Although the second-floor units were not damaged, all of the tenants were evicted in September because of gutting and other work being done on the first floor. Among other things, the firewalls had to be torn out, which left the apartment buildings and residents at more risk.
While people displaced by the flood languish in shelters and scramble for limited housing, t…
The apartments have been vacant since.
"If they do decide to conduct renovations, that would require them to submit plans to our office at that time," said State Fire Marshal Chief Deputy Brant Thompson. "We would review any modifications in the structural components and what not, any changes that they plan to make to the facility, and that would trigger inspections."
So far, no one has filed renovation plans for the facility with the State Fire Marshal's Office, he said.
No building permits have been filed with the city-parish Department of Public Works.
The apartments were built in 1997 — aimed at moderate- and middle-income families. The massive complex offered one-, two-, three- and four-bedroom units and had an onsite daycare center.