Three Melrose East apartment buildings are under new ownership after they were purchased for $2.8 million by a Texas investor.
Block Investors LLC, represented by George Lock Paret IV, bought the buildings at 854 N. Donmoor Ave., 6867 Titian Ave. and 6645 Harry Drive from Community Development Advocates Melrose Inc., represented by Timothy Schalk, in a sale finalized Wednesday.
The properties are part of what is called Bon Carre Courts, and they are a stone’s throw away from the Bon Carré Business Center on Florida Boulevard.
Paret, a Fort Worth, Texas, pharmacist, says the properties are in good shape and just need a little TLC and stringent management.
The three buildings house 172 total units that are about 70% to 80% occupied, Paret says. One property manager will be hired to oversee all three buildings, and office workers will be available in each building for the tenants’ daily needs.
Beginning next week, workers will go through the buildings to see what work needs to be done in the vacant units. Paret says the workers will not perform a full top-to-bottom, gut-it-to-the-stud renovation, but will apply a new coat of paint and bring in new appliances and new HVAC units where needed.
The goal is to get the property up to 100% occupancy, Paret says.
—Ryan Broussard
