Priderock Capital Partners of West Palm Beach, Fla., purchased the 441-unit Esplanade at City Park, 3443 Esplanade Ave., for $54.5 million in a deal that closed Nov. 19.
The seller is listed as Old Man River Esplanade LLC, a group led by New York real estate investor Jeffrey Feil. His family company, The Feil Organization, owns Lakeside Shopping Center, the three Lakeway Center buildings and other commercial properties along Causeway Boulevard in Metairie as well as the site of the Costco Wholesale store on Carrollton Avenue. They purchased the complex in 2006 for $46 million.
The seven-story, V-shaped building was built in 1973 and includes one-, two- and three-bedroom units, as well as some studio apartments. Rents range from $995 to 2,555 per month, and residents includes a mix of elderly residents, young adults and college students.