Arbor Place Apts | 735 Heritage Ave (Terrytown, LA)

Arbor Place Apartments was the Obsidian Catalyst Fund’s first investment. The asset is located just outside of New Orleans in a well-amenitized neighborhood within Terrytown. 50% of the 136 units are affordable at 60% AMI. The business plan calls for approximately $700k of common area capital improvements throughout the property to ensure that it can serve the community for many years to come. The property entered the second half of its 30-year LIHTC compliance period shortly before the acquisition and will remain 50% affordable for residents.

The GP, Verius Property Group (or VPG), is a vertically integrated minority-owned sponsor with an established track record of executing projects throughout New Orleans. VPG’s in-house construction and property management teams will manage all aspects of the property’s business plan. VPG was founded in 2011 and owns and manages over 850 units.