Two Gretna apartment buildings have been purchased by an Alabama company for $56 million.
Cedarwood Apartments at 2350 Park Place and Baywood East and West Apartments at 500 Wall Blvd. were acquired by Multifamily Management Inc. of Mobile. Multifamily Management has a portfolio of 25 apartment complexes across Louisiana.
The apartments were sold by Delta Alliance Capital Management, a California-based investment firm.
Officials with Berkadia Real Estate Advisors, who represented Delta Alliance in the deal, said Cedarwood is a 226-unit complex while Baywood has 514 units. Both complexes have occupancy rates of 93 percent, with rents ranging between $750 for a one-bedroom to $1,200 for a three-bedroom.
The complexes were built in 1982, but underwent extensive renovations after Hurricane Katrina.
Multifamily Management plans to make “significant improvements” to Cedarwood and Baywood, Berkadia said, including adding washers and dryers to the one-bedroom units and upgrading kitchens and bathrooms. A dollar value for the improvements was not disclosed.