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AcquisitionsAffordable HousingLouisianaMultifamilySoutheast

VPG Holdings, ASCP Purchase 250-Unit Affordable Housing Community in New Orleans

by John Nelson

NEW ORLEANS — VPG Holdings and American South Capital Partners (ASCP), which is a joint venture between SDS Capital Group and Vintage Realty Co., has acquired The Marquis, a 250-unit affordable housing community located at 2651 Poydras St. in New Orleans. The seller and sales price were not disclosed. The Marquis was built in 2009 and features a mix of one-, two-, three- and four-bedroom apartments, with most units reserved for tenants earning less than 60 percent of the area median income (AMI). VPG and ASCP plan to fund deferred maintenance and interior improvements at The Marquis, with the focus on implementing more energy and water efficient appliances including water heaters, dishwashers, refrigerators and air conditioners.

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AcquisitionsHospitalityLoansLouisianaSoutheast

Hunter Brokers Sale of 294-Room Crowne Plaza Executive Center Baton Rouge Hotel in Louisiana

by John Nelson

BATON ROUGE, LA. — Atlanta-based Hunter Hotel Advisors has brokered the sale of Crowne Plaza Executive Center Baton Rouge, a 294-room hotel located near the campus of Louisiana State University (LSU) and Tiger Stadium. APM Property Holdings LLC purchased the hotel from a private seller for an undisclosed price and has selected Schulte Hospitality to operate the hotel. The Crowne Plaza features an outdoor pool, a 3,000-square-foot fitness center, the Patio Grille and Lounge restaurant and more than 32,000 square feet of flexible event space, including 17 meeting rooms and three ballrooms. Tim Osborne and Kami Burnette of Hunter brokered the transaction. Additionally, Adeel Amin of Hunter arranged an $11.7 million acquisition loan that was underwritten at a 65 percent loan-to-value ratio with interest-only payments over the three-year term.

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Hyundai
Company NewsDevelopmentIndustrialLouisianaSoutheastTop Stories

Hyundai to Develop $5.8B Steel Plant in Louisiana as Part of $21B U.S. Investment Announcement

by Hayden Spiess

ASCENSION PARISH, LA. AND SEOUL — Hyundai Steel Co., a South Korean steel manufacturer and part of automotive giant Hyundai Motor Group, has announced plans to develop a $5.8 billion steel manufacturing facility in southeast Louisiana’s Ascension Parish. The new steel plant is part of Hyundai’s announcement for $21 billion in U.S. investments between 2025 and 2028. Construction on the plant, which will be capable of producing 2.7 million metric tons of steel annually, is scheduled to begin in the third quarter of 2026 in Ascension Parish. Hyundai Steel is targeting commercial production of automotive steel plates to begin at the mill in 2029. According to a statement issued by Louisiana Gov. Jeff Landry, the new facility is expected to create 1,400 new direct jobs with an average salary of $95,000. Louisiana Economic Development (LED) also estimates that the project will result in 4,100 indirect new jobs.  A large portion of the steel manufactured at the mill will be transported to Hyundai vehicle manufacturing plants throughout the country. Hyundai Steel also plans to open up sales of its automotive steel plates to other auto manufacturers in the United States, Europe and Latin America, according to Seo Gang-Hyun, president and CEO …

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The Ritz-Carlton New Orleans
AcquisitionsHospitalityLouisianaSoutheastTop Stories

Gencom Buys Ritz-Carlton, Courtyard by Marriott Hotels in New Orleans’ French Quarter

by Channing Hamilton

NEW ORLEANS — Gencom, a Miami-based investment firm, has acquired a portfolio of two connected hotels located in the historic French Quarter of New Orleans. The 758-room hospitality portfolio includes The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville. Situated along the city’s historic Canal Street, The Ritz-Carlton New Orleans comprises 528 hotel rooms and suites. The hotel features about 48,000 square feet of event space, a fitness center, indoor pool and a 25,000-square-foot spa. The Ritz-Carlton also offers Davenport Lounge, a jazz bar and lounge, and the M Bistro eatery. The property opened in 2000. The adjacent Courtyard by Marriott French Quarter/Iberville offers 230 rooms, as well as a coffee shop. The building was originally constructed in 1878 as a department store and was converted into a hotel in 2012. The property is located within walking distance of Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center. Both hotels have recently undergone multi-year renovation programs. The Ritz-Carlton was refurbished with updates to guest rooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. Additionally, all guest accommodations and public spaces at The Courtyard by Marriott …

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AcquisitionsIndustrialLouisianaSoutheast

TruCore Investments Purchases 81,589 SF Baton Rouge Industrial Facility Leased to FedEx

by John Nelson

BATON ROUGE, LA. — TruCore Investments has acquired an 81,589-square-foot industrial facility located at 10781 Cousey Court in Baton Rouge. Situated on 10.8 acres, the Class B property was fully leased at the time of sale to FedEx, which has occupied the facility since its delivery in 1998. Alex Ruch of Elifin Realty brokered the transaction. The seller was not disclosed.

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AcquisitionsLouisianaMultifamilySoutheast

ECI Group Sells 378-Unit Apartment Community in Houma, Louisiana

by John Nelson

HOUMA, LA. — Atlanta-based ECI Group has sold Houma Highlands, a 378-unit apartment community located at 461 S. Hollywood Road in Houma, about 57 miles southwest of New Orleans. Oakwood Capital purchased the 16-building property for an undisclosed price. Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield’s Atlanta office represented ECI Group in the disposition. Phase I of Houma Highlands was completed in 2004 by another developer. ECI Group purchased the first phase and then completed Phase II in 2012. The pet-friendly community features one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and green spaces.

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DevelopmentLouisianaMixed-UseOfficeRetailSoutheast

Public-Private Partnership Opens Primary Workspace Venue at Former Schoolhouse in Gretna, Louisiana

by John Nelson

GRETNA, LA. — The City of Gretna, Jefferson Parish and Formwork Development will host a grand opening today for Primary Workspace, a coworking and event venue built within a historic 1911 schoolhouse in downtown Gretna. The development was conducted in a public-private partnership between Jefferson Facilities Inc. and Formwork Development on behalf of Jefferson Parish and the City of Gretna. Architect and interior designer Studio BKA followed a three-part approval process to preserve the building’s historical integrity while incorporating modern updates and collaborated with the Louisiana Historic Preservation Office to ensure the renovation met the Secretary of Interior’s Guidelines for Historic Preservation. The $3.5 million renovation was funded with $2.7 million in funding from the American Rescue Plan Act and $800,000 of Louisiana State Historic Tax Credits. Located at 519 Huey P Long Ave., the nearly 20,000-square-foot development offers flexible coworking office space and special event rental options within the repurposed primary school, which features original architectural details and updated systems and amenities such as a revived two-story auditorium, rebuilt proscenium arch and stage, private offices, meeting rooms and hot desks. An additional 2,800 square feet is available for lease on the first floor alongside the German-American Cultural Center & Museum, …

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DevelopmentHospitalityLouisianaSoutheast

LaPhair Capital, NFL Players Invest in Hotel Redevelopment in New Orleans

by John Nelson

NEW ORLEANS — LaPhair Capital Partners and former or current members of the NFL’s New Orleans Saints have partnered to invest in Maidstone New Orleans, a boutique hotel redevelopment located at 3522 Tulane Ave. in New Orleans’ Mid-City district. The involved NFL players include current Saints defensive end Cam Jordan, former quarterback Jameis Winston and former running back Mark Ingram. Local media outlets reported last summer that the hotel was formerly known as The Drifter Hotel and sold in an off-market transaction. Further details about the renovations and offerings of Maidstone New Orleans were not disclosed.

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DevelopmentLouisianaSoutheastTop Stories

Cypress Equities, Lauricella Break Ground on 123,941 SF Office Building for Shell in New Orleans

by John Nelson

NEW ORLEANS — A partnership between Cypress Equities, a real estate development and management firm based in Dallas, and locally based firm Lauricella Land Co. has broken ground on a new eight-story office building in New Orleans. Situated on the banks of the Mississippi River, the 123,941-square-foot property, named Shell Plaza, will house the headquarters of the Gulf of Mexico operations for oil-and-gas giant Shell (NYSE: SHEL). Shell executed the office lease with Cypress Equities and Lauricella Land Co. last year. The new property represents the first Class A office building to break ground in New Orleans since 1989 and the first office property within the River District, a 39-acre mixed-use neighborhood on the riverfront, according to the development team. “This project will boost the local economy while setting a new standard for sustainable, modern office space in New Orleans,” says Chris Maguire, CEO of Cypress Equities. Shell Plaza will be located on a 1.6-acre site at 1600 Convention Center Blvd. at the corner of Henderson and Euterpe streets and adjacent to the New Orleans Ernest N. Morial Convention Center. River District Neighborhood Investors LLC, working on behalf of the convention center, is overseeing the development of the River District …

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DevelopmentLouisianaOfficeSoutheast

Feil Organization Completes $4M Overhaul at One Lakeway Office Building in Metairie, Louisiana

by John Nelson

METAIRIE, LA. — The Feil Organization has completed a $4 million renovation of the common areas at One Lakeway, an office building within the 1.2 million Lakeway office complex in Metairie. Feil partnered with AGL Commercial Interiors and AECOM Tishman on the project. The renovation included new art installations, furniture and finishes in the lobby, as well as landscaping improvements for the courtyard between One and Two Lakeway. Additionally, the overhaul included renovations to the café, rebranded now as Lakeway Café, and the installation of outdoor dining areas. Feil is underway on the lobby renovations at Two Lakeway and expects to complete construction by the end of the year.

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