New Orleans investor continues to scoop up apartment complexes in Melrose East
New Orleans investor Ryan Bodin has purchased four more apartment buildings in Melrose East for $3 million, adding to the collection of complexes he already owns in the area just north of Florida Boulevard.
Bodin bought the properties last week from Den-Sal Properties. The buildings are located at 770 Monet Dr., 844 Monet Dr., 888 Monet Dr. and 6783 Rembrandt Ave.
The 95 units in his new buildings are almost entirely full, with only one or two vacancies, he says. The buildings are near the back end of Bon Carré Business Center Boulevard and Lobdell Avenue.
Bodin says the properties will receive some minor renovations, fixing roofs and parking lots and adding granite countertops. However, the buildings will not undergo serious modifications, he adds.
Bodin previously paid between $1 million to $1.95 million for several other apartment complexes in the area through Ryer Investments LLC. Jennifer Bodin, Ryan Bodin’s wife, is also an officer of the company.
“It produces a good yield,” Bodin says of the Melrose East area. “I started buying in the neighborhood and it’s beneficial for me to stay in one area.”