The McEnery Company closed on the sale of the Teal Court Apartments in August of 2018. The purchaser was a 1031 exchange buyer. The Teal Court Apartments was a rare opportunity to acquire a stabilized apartment property in the heart of Greenleaves Subdivision and Mandeville, LA, a market with a near moratorium on apartment development. At the time of the sale, the property was fully occupied, with rents ranging from $800 to $1,000 per unit. Most units had been updated and some rents have been in place for an extended period, with real potential for increases. Excellent apartment property in a quiet and secluded section of Greenleaves, with coveted multi-family zoning.
