Forestwood Apartments, a 94-unit garden complex on five acres at 2700 Mary Street in Slidell, has sold for $5 million to Forestwood Apartments LLC, a Louisiana-based entity. The transaction worked out to $53,191 per unit and recorded in the week before November 9. The seller was an Arizona apartment investor that had owned the property since 2016.
The deal was the largest of three commercial sales recorded on the Northshore that week, which produced $6.22 million in disclosed volume with every price made public. Multifamily led the week by type on the strength of the Forestwood trade alone.
The per-unit price places the complex well above the distressed levels seen elsewhere in the metro this fall, such as the roughly $14,000 per unit paid for The Willows in New Orleans East, and in line with the band where income-producing garden product has been trading across the region. The four affordable housing portfolios that changed hands in Algiers and Elmwood in late October traded between $58,000 and $65,000 per unit.
The sale also returns the asset to local ownership after ten years in the hands of an out-of-state investor. That runs against the broader pattern this year, in which seven of the ten largest disclosed commercial sales in Louisiana went to out-of-state buyers.
The other two Northshore sales were office properties. A New Orleans-area entity, BG Properties LLC, paid $895,000, or $116.49 per square foot, for the 7,683-square-foot medical office building at 2240 Gause Boulevard East in Slidell, home to pulmonary, endocrinology, and allergy practices. In Hammond, PROJKEN LLC bought an office building on East Thomas Street downtown for $322,800, or $121.49 per square foot.
The Forestwood sale adds to an active run for St. Tammany multifamily. The parish holds roughly 8,000 apartment units and carries the highest suburban rents in the metro at an average of $1,395 per month, with occupancy in the 94 to 96 percent range, and the 336-unit Waters @ Covington is under construction for a March 2027 delivery.
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