Lakewood Pointe 7001 Martin Dr Immeuble residentiel 442 lots À vendre New Orleans, LA 70126

Sealed Bid Offering – Significant Upside Potential through Foreclosure.

Send Sealed Bids To: Michael Foster at mfoster@tranzon.com or Tranzon Auction Properties, 16 Warren Avenue, Kenmore, NY 14217

Lakewood Pointe presents a rare opportunity to acquire the note and mortgage secured by a 442-unit garden-style multi-family complex located at 7001 Martin Drive in New Orleans, Louisiana. This offering includes the bank's foreclosure interest and a final judgment in place, with a pending U.S. Marshal's Sale, creating a clear and direct legal pathway to ownership for the successful note purchaser. With existing cash flow, substantial physical asset value, and legal instruments supporting acquisition through foreclosure, this is a compelling value-add investment opportunity in a major Southeast market.

Property Overview
Property Type: Garden-style multi-family apartment complex
Address: 7001 Martin Drive, New Orleans, LA 70126
Land Area: 18.81+/- usable acres (30.87+/- gross acres)
Buildings: 20 two-story residential buildings + clubhouse/office
Gross Building Area: 456,838+/- SF
Net Rentable Area: 450,685+/- SF
Total Units: 442
Year Built: 1975
Average Unit Size: ~1,020 SF
Zoning: S-RM2 - Suburban Multi-Family Residential

Operational Highlights
Current Occupancy: 41.6%
Leasable Units: 331 (111 units offline)
Occupied Units: 184 (55.6% of leasable)
Deferred Maintenance: 111 units range from shell condition to those with mold/mildew damage
Estimated Cure Cost: $12,000/unit
Overall Condition: Fair; expected to be average upon completion of repairs

Investment and Market Data
"As Is" Appraised Value (Dec. 2024): $15,700,000
Stabilized Value (Projected Dec. 2029): $20,400,000
Effective Gross Income (Pro Forma): ~$3.97M annually
As Current NOI (Pro Forma): ~$1.53M
Cap Rate at Stabilization: 7.5%
Estimated Lease-Up Period: 48 months
Submarket Conditions: Rents have grown modestly (~5% over 18 months), while occupancy has declined, indicating a need for repositioning

Foreclosure and Legal Position
Judgment Entered: $24.7M against borrower (Lakewood Pointe Apts LLC)
Writ of Execution Issued: U.S. Marshal authorized to seize and sell the property
Marshal’s Sale Date: Pending; buyer may credit-bid up to the judgment amount
Collateral: Includes all real estate, improvements, leases, rents, and personal property
The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Michael Foster, CAI
Michael Foster, CAI: Tranzon Auction Properties
716-507-9009
mfoster@tranzon.com
All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.
For general information on the auction process, please review the Frequently Asked Questions.
Buyer's Premium: None
Closing: Negotiable. Sold in As-Is condition, no contingencies.
Deposit Amount: Negotiable.
Buyer Agent Compensation: 0.5% of the high bid will be paid to a properly registered buyer's agent at settlement.
Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.