Owners of a mid-size Metairie apartment complex are spending more money renovating the property than the official estimate of its worth — and far more than they planned.
The 252-unit property at 2220 Cleary Ave. dates from 1971 and, for much of its history, was known as The Clearmont. Dallas-based Lurin Real Estate Holdings XXXIV LLC bought it from a New Jersey consortium on May 14, 2021, and renamed it The Leonne.
Lurin says it focuses on acquiring, improving and managing “housing communities that have long suffered from neglect and underperformance.” These are commonly called distressed properties, and Lurin knew from the get-go that its new acquisition would need extensive work.
“This is our jam,” said Leah Del Toro, the company’s senior vice president of operations for Louisiana, Texas and Arkansas.
Less than four months after the purchase, Hurricane Ida, the sixth costliest hurricane in U.S. history, struck southeast Louisiana.
“We had our plan, then the hurricane had its own plan,” Del Toro said.
Among the surprise, Ida-driven work at The Leonne: Replacing roofs on all 16 buildings.
All told, Lurin says it’s spending about $20 million rebuilding and upgrading the complex. The company would not say how much it paid for the property. The Jefferson Parish assessor’s office values it at $7.8 million.
Del Toro expects work on the housing units to finish in March, and work on other amenities to wrap next summer. Among other changes:
An artist’s rendering shows the interior of an apartment at The Leonne in Metairie.
- Apartments are getting new paint, flooring, appliances, cabinets, countertops, light fixtures, hardware, front doors, patio doors and heating, ventiliation and air conditioning
- All exterior railings and lighting replaced
- Complete exterior repainting
- Chillers replaced
- Parking lot sealed, patched, restriped
- Some landscaping replaced
- New dumpster enclosures.
- One swimming pool renovated, another converted to patio with pergolas and grills
- New management office facing Cleary
- New two-story fitness center in current management office
- Renovated laundry center with more machines and television sets.
Apartment rents will average $1,400 a month, Del Toro said.
An artist’s rendering shows an apartment bedroom at The Leonne in Metairie.
The Leonne occupies about two thirds of a square block in an apartment-dense corridor bounded by Interstate 10, West Napoleon Avenue, Clearview Parkway and Gatehouse Drive. It’s about two miles from Lakeside Shopping Center, a selling point, Del Toro said.
She said she expects…
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