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our large apartment complexes in New Orleans East, accounting for over a third of the area's multifamily units, are up for sale after their owner filed for bankruptcy. The properties, which include Carmel Brook, Carmel Spring, Laguna Creek, and Laguna Reserve, comprise more than 1,500 apartments and were built between 1981 and 1984.

    Commercial real estate broker Larry Schedler is marketing the properties with Cushman & Wakefield, stating that they will likely be sold at a discounted price due to maintenance needs. This could attract an investor looking to improve the complexes and revitalize the area.

    Schedler notes that the sale presents an opportunity for someone to bring a significant number of units back into commerce as good workforce housing while helping to revitalize eastern New Orleans. The properties are being offered for sale individually or as a group, with no asking price and offers due next month.

    The sale comes on the heels of a study by the New Orleans Redevelopment Authority finding that the city's affordable housing crisis has worsened, with a need for around 44,000 more units than currently exist. Last year, fewer than 250 new units were built.

    Experts say that a single investor with the means to upgrade the complexes could make a significant impact on the area, but it won't be easy due to financing challenges and finding the right buyer committed to New Orleans East.

    Peter Gardner, who developed Highrise Nola in the area, notes that while occupancy rates are decent, the high cost of insurance is a major issue. He suggests that a well-capitalized investor could make incremental improvements to the complexes, but would need to get them at the right price.

    Christy Verges, owner and manager of WT Verges Properties, emphasizes that a new owner with a commitment to the community could have a huge impact on the area, but it's essential they truly care about investing in the community.