Audubon, an Atlanta-based rental housing investment company, announced Thursday that it sold The Local on Severn, a 161-unit apartment complex in Metairie, for $17.6 million.
The buyer is The Medve Group, a Dallas-based firm with a portfolio that includes a dozen other properties in Louisiana. Its New Orleans-area holdings include The Terraces at Metairie, Margeaux Metairie, Chateau Lake Terrace and The Arts at West Napoleon.
The Local on Severn — situated two blocks away from Lakeside Shopping Center in Fat City — has 140,000 rentable square feet of studio, one-, two- and three-bedroom apartments. Before Audubon bought it from a Houston company in 2018, it was called Castille Severn…