The Banks Apartments
The Banks Apartments - New Orleans, LA
Marketing description
Property Features
• A mix of studio, one-, two-, and three-bedroom units featuring a balcony or patio, LVP
floors, air conditioning, and in-unit washer and dryer connections in select units
• Community amenities include gated access, a courtyard, barbecue and picnic area,
playground, and leasing office
• Recent capital expenditures include new roofs in 2022 as well as exterior painting of
the front building and replacement of all exterior lights in 2025
Desirable Location
• The property has a bus stop on New Orleans Regional Transit Authority routes
114A and 114B, facilitating easy travel to downtown New Orleans, the Smoothie King
Center and Superdome, Tulane Medical Center, and Oakwood Center
• Just a few blocks from General De Gaulle Drive, the main commercial thoroughfare of
the West Bank neighborhood featuring dozens of shops and restaurants
• Conveniently situated within one mile of grocers including Walmart Supercenter,
ALDI, and Rouses Market
• Only an 18-minute drive from Lakeside Shopping Center, which houses major
retailers like Dillard’s, Macy’s, Abercrombie & Fitch, DICK’S Sporting Goods, Express,
GameStop, and more
• Within a 22-minute drive to Louis Armstrong New Orleans International Airport,
which offers non-stop service to more than 50 destinations via 15 commercial airlines
Investment highlights
Investment Highlights
• Market rate asset with meaningful operations upside
• LIHTC conversion opportunity allows for major rehab
• Rent transparency between market rate and LIHTC allows for multiple ownership
executions
• Market driven yield expectations allow for attractive leveraged returns during hold
period
• Attractive IRR for investor completing repositioning of the asset
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