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Servio Capital Acquires 1949-Constructed California Building in New Orleans for $40M
Covington, LA-based Servio Capital has completed its $40-million acquisition of the California Building on Tulane Avenue in New Orleans, LA, one of the oldest standing international-style buildings in the city.
The property, at one point operated as Hibernia Bank’s operation center, was acquired by Servio Capital through arbitrage.
The California Building was constructed in 1950 as part of the post-World War II building boom when discoveries and demand of oil and gas brought considerable prosperity to both the city and the state.
Now a pet friendly deluxe condominium, it has been upgraded with a media room, fitness center, business center and game room while maintaining unique architectural features.
“The property serves New Orleans lovers who want a place to stay while visiting with the opportunity for an income-producing condo, and it serves this corridor of health and business professionals with the opportunity to own a condo close to their workplace,” said Servio Capital CEO Ryan Enk.
- ◦Sale/Acquisition
