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Iris Development completed the acquisition of Magnolia Gardens, a 117-unit garden-style apartment complex in October of 2014. Situated on the corner of Downman and Dwyer Roads in New Orleans East, the property was first built in the 1960′s, with significant renovations taking place after storm damage sustained during Hurricane Katrina. The property includes off-street parking on two sides, a swimming pool, multiple courtyards and a variety of 1- and 2-bedroom apartment configurations. Upon acquisition, the property was less than 50% occupied, mostly due to deferred maintenance and lack of pro-active property management.

The capital stack for for this project includes a first mortgage from Hope Federal Credit Union, grant financing through the Federal Home Loan Bank of Dallas’ Affordable Housing Program, short-term private gap financing and permanent private equity. Magnolia Gardens was sold in November of 2017.

6001 Downman Rd., New Orleans, LA 70126