{"id":1004109943,"date":"2014-12-22T08:21:16","date_gmt":"2014-12-22T16:21:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=314958"},"modified":"2020-05-21T22:34:27","modified_gmt":"2020-05-22T06:34:27","slug":"bruno-acquisition-upgrade-of-oakmont-apartments-worth-24m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bruno-acquisition-upgrade-of-oakmont-apartments-worth-24m\/","title":{"rendered":"Bruno Acquisition, Upgrade of Oakmont Apartments Worth $24M"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_314959\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Oakmont-Apartment.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-314959\" title=\"Oakmont Apartments\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Oakmont-Apartment.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Oakmont Apartments<\/p>\n<\/div>\n<p>New Orleans-based Bruno Inc. has acquired Oakmont \u2013 New Orleans, a 336-unit apartment community in Algiers. Bruno Inc. president &amp; CEO Joshua Bruno partnered with Raj Pandit on the acquisition. Bruno and the managing member of Pandit Law Firm LLC acquired the 16-acre apartment community, located not far from New Orleans\u2019 booming downtown, from a Chicago-based real estate investment trust. They plan to upgrade the property.<\/p>\n<p>\u201cThis acquisition is ripe for repositioning at a time when New Orleans is under increased housing demands, with an inadequate supply for the metro-area workforce,\u201d Bruno declared.<\/p>\n<p>While the acquisition price has not been disclosed, Bruno told <em>Multi-Housing News<\/em> \u201cthe overall project is $24 million.\u201d<\/p>\n<p>Oakmont Apartments\u2019 planned upgrades have a resident-centric focus. Among the additions will be community gathering places with BBQ grills, enclosed playgrounds, complimentary Wi-Fi, as well as an on-site business center, CCTV cameras and a bevy of exterior cosmetic upgrades. The developers will also invest in adding more green points to Oakmonts\u2019 reputation by installing energy-efficient LED lighting and covered bike racks and planting hundreds of trees and shrubs throughout the community. Furthermore, they will install French drains and subsurface retention ponds capable of holding thousands of gallons of water during storm events in accordance with the city\u2019s master plan and water management plan.<\/p>\n<p>\u201cWe are striving to make Oakmont a true community for its residents, where interactions with neighbors will be easier and more convenient than ever before,\u201d Bruno said.<\/p>\n<div id=\"attachment_314963\" class=\"wp-caption alignleft\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Oakmont-Apartment-21.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-314963\" title=\"Oakmont Apartments\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/Oakmont-Apartment-21.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Oakmont Apartments<\/p>\n<\/div>\n<p>Currently, the gated community offers a swimming pool complete with sundeck, a tennis court, water features and access to public transportation, freeways and shopping. Oakmont comprises one- and two-bedroom apartments as well as one-bedroom loft-style units. Apartments range between 750 and 950 square feet, with rents ranging between $650 and $950 per month. The community is currently fully leased.<\/p>\n<p>\u201cThough we already have a strong resident base and actually have a waiting list for units, we are committed to increasing Oakmont\u2019s curb appeal \u2026 which we believe will help transform the surrounding neighborhood into what it could become,\u201d Bruno said.<\/p>\n<p>New Orleans-based MetroWide Apartments will manage the property. The company currently manages more than 2,000 apartments and is expanding.<\/p>\n<p>Bruno Inc. owns more than 6 million square feet of commercial and multifamily space that it self manages.<\/p>\n<p><em><a title=\"MARKET SNAPSHOT: 2013 Tightens New Orleans Apartment Market, Projected Rent Growth for 2014\" href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-2013-tightens-new-orleans-apartment-market-projects-rent-growth-for-2014\/1004097148.html\" rel=\"nofollow\" >Click here<\/a> for additional New Orleans market data.<\/em><\/p>\n<p><em>Images via oakmontneworleans.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Orleans-based Bruno, Inc. has acquired Oakmont &ndash; New Orleans, a 336-unit apartment community in Algiers, located just minutes from New Orleans&rsquo; booming downtown<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1599,21742],"tags":[],"class_list":["post-1004109943","post","type-post","status-publish","format-standard","hentry","category-new-orleans","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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