Attorney Gary Graphia has acquired nine houses in a two-block area of Southdowns from their long-time owners, Mary Jane and Paul M. Hebert, for $1.9 million. But he doesn’t have any immediate plans to redevelop the properties, all of which are rental units.
“My plan I guess is eventually to either remodel them or renovate them or do additions,” says Graphia, a former executive with The Shaw Group. “Potentially when the neighborhood really starts to turn I’d like to tear them down and do some really nice rebuilds … but nothing right away. I don’t want to scare the tenants. When they decide to move, then I’ll start to look at doing something.”
The homes, which are located on Arrowhead, Pickett and Orchid streets, were among several dozen that the Heberts purchased in the 1990s from the area’s original developer, A.C. Lewis. All the properties are between 1,300 and 1,400 square feet.
Graphia says when he heard the Heberts were selling some of their properties he was immediately interested. Not only does he enjoy renovating old houses, but he believes the Southdowns area is a great investment.
“We’ve pushed the boundaries of the parish, and people have started moving back into the older neighborhoods in the heart of the city,” he says. “Southdowns remains as popular as ever, so I thought it was a good place to invest.”
In a separate transaction, Graphia recently acquired a 10th house that is part of the same package.
“I think it’s good for the neighborhood,” says real estate broker Vicki Spurlock, who represented the sellers in the transaction. “The houses need a little TLC. This will be good for everybody.”
—Stephanie Riegel
