HREC Negotiates Sale of Historic Apartment Community in New Orleans to Timeshare Acquisitions
NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare Acquisitions Real Estate LLC bought the property following the New Orleans City Planning Commission and City Council decision in April 2018 to change the zoning in the central business district from conditional to permitted use for timeshare purposes. The entire asset will be used as a timeshare. The sales price was not disclosed.