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3708 Garden Oaks Dr. - New Orleans, LA 70114
PROPERTY OVERVIEW
Forest Park is a 284-unit affordable housing community located in the West Bank neighborhood of New Orleans, LA. The property is conveniently situated minutes from major retailers that include Walmart Supercenter, Winn-Dixie, Ross, and T.J. Maxx. The property is also located within close proximity to the Crescent City Connection, offering easy access to the Central Business District, French Quarter, and major thoroughfares of New Orleans. Its strategic location ensures a short drive to these key areas, allowing residents to enjoy the vibrant city life and access major transportation arteries with ease.
The property was built in 1972 and rehabbed and placed in service in 2007 & 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Louisiana Housing Finance Agency.
Forest Park offers one, two, and three bedroom apartment homes featuring ceiling fans, air conditioning, and a kitchen appliance package including a microwave, dishwasher, disposal, and refrigerator.
Community amenities include a business center, controlled gated access, fitness center, laundry facilities, on-site maintenance, on-site management, playground, after school programs, community garden, and community center.
LIHTC property located on the West Bank of New Orleans, minutes from the Central Business District, French Quarter, and major transportation arteries
The property has a Project-Based Voucher Contract covering 71 units
Terrific rental upside as the 2024 LIHTC Limits increased by 5.85% and by increasing the tenant-based vouchers to the HANO payment standard
Strong operational upside as the average occupancy rate is 93.6% within 3 miles of the property, per Yardi
INVESTMENT HIGHLIGHTS
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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.
© 2024 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/.
601 Union St.
Suite 3909
Seattle, WA 98101
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Brandon Grisham
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
WA License # 26367
INVESTMENT ADVISORS
Mike Terry
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MT License #89005
Managing Director
Multifamily
225.922.4587
gregg.cordaro@berkadia.com
LA License # 8019959
Gregg Cordaro
8550 United Plaza Blvd.
Suite 702
Baton Rouge, LA 70809
BATON ROUGE OFFICE
PROPERTY Stats
284
UNITS
1972/2007 & 2008
Built/Reno
225,568
sF
