Servio Capital announces $40M acquisition of New Orleans’ California Building￼
NEW ORLEANS, Nov. 3, 2022 /PRNewswire/ — Servio Capital, a diversified real estate investment company with a management team of over 30 years of combined experience and innovation in the multifamily sector, is pleased to announce the $40M acquisition of New Orleans’ California Building, one of the oldest standing international style buildings in the city. This marks Servio Capital’s expansion into the hospitality sector in the downtown area of New Orleans, further increasing their range of investment opportunity.
“We’re incredibly excited about this project,” says CEO Ryan Enk. “Not only will it serve New Orleans lovers who want a place to stay while visiting with the opportunity for an income producing condo, but it will also serve this corridor of health and business professionals with the opportunity to own a condo so close to their workplace.”
The property, formerly operated as Hibernia Bank’s operation center, had previously been converted to housing and was acquired by Servio Capital through arbitrage.
JW Hunt, the lead acquisition analyst for Servio said, “It’s exciting to bring the opportunity to own your own condo to a market that has increasingly limited supply of inventory.”
The California Building was designed in 1949 by Benson and Reihl Architects and 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 Louisiana. It stands at the corner of Tulane Avenue and Rampart Street and is among the oldest International Style buildings in New Orleans and serves as an archetype of Art Deco design.
Now, a pet friendly deluxe condominium, it has been upgraded with full amenities including a media room, fitness center, business center, game room, and has full wifi throughout the building, all while maintaining the architectural features that make it so unique.
“The transformation from an apartment complex to a condominium allows for more economic opportunity to all involved in this project,” said Preston Dellinger, COO of Servio Capital. “We’re excited to provide that opportunity in such a beloved city.”