Lakewood Pointe presents a rare opportunity to acquire the note and mortgage secured by a 442-unit garden-style multi-family complex located at 7001 Martin Drive in New Orleans, Louisiana. This offering includes the bank's foreclosure interest and a final judgment in place, with a pending U.S. Marshal's Sale, creating a clear and direct legal pathway to ownership for the successful note purchaser. With existing cash flow, substantial physical asset value, and legal instruments supporting acquisition through foreclosure, this is a compelling value-add investment opportunity in a major Southeast market. Property Overview Property Type: Garden-style multi-family apartment complex Address: 7001 Martin Drive, New Orleans, LA 70126 Land Area: 18.81+/- usable acres (30.87+/- gross acres) Buildings: 20 two-story residential buildings + clubhouse/office Gross Building Area: 456,838+/- SF Net Rentable Area: 450,685+/- SF Total Units: 442 Year Built: 1975 Average Unit Size: ~1,020 SF Zoning: S-RM2 - Suburban Multi-Family Residential Operational Highlights Current Occupancy: 41.6% Leasable Units: 331 (111 units offline) Occupied Units: 184 (55.6% of leasable) Deferred Maintenance: 111 units range from shell condition to those with mold/mildew damage Estimated Cure Cost: $12,000/unit Overall Condition: Fair; expected to be average upon completion of repairs Investment and Market Data "As Is" Appraised Value (Dec. 2024): $15,700,000 Stabilized Value (Projected Dec. 2029): $20,400,000 Effective Gross Income (Pro Forma): ~$3.97M annually As Current NOI (Pro Forma): ~$1.53M Cap Rate at Stabilization: 7.5% Estimated Lease-Up Period: 48 months Submarket Conditions: Rents have grown modestly (~5% over 18 months), while occupancy has declined, indicating a need for repositioning Foreclosure and Legal Position Judgment Entered: $24.7M against borrower (Lakewood Pointe Apts LLC) Writ of Execution Issued: U.S. Marshal authorized to seize and sell the property Marshal’s Sale Date: Pending; buyer may credit-bid up to the judgment amount Collateral: Includes all real estate, improvements, leases, rents, and personal property