ASREF II's $4.55M investment in the Marquis funded the renovation of The Marquis. Built in 2009, The Marquis is a residential property located in New Orleans, Louisiana. The property comprises a total of 250 units, all of which are designated as garden style affordable housing at 80% of the Area Median Income (AMI).
Built in 2009, The Marquis is a residential property located in New Orleans, Louisiana. The property comprises a total of 250 units, all of which are designated as garden-style affordable housing at 80% of the Area Median Income (AMI). The Marquis spans 285,739 square feet of rentable area, with an average unit size of 1,143 square feet. The project has a Land Use Restriction Agreement (LURA) on the property that ensures affordability through the year 2042. VPG plans to implement low-flow water fixtures and LED lighting. The property is set to have smart water meters put in, which will help control water usage. A significant amount of CAPEX dollars will be used to upgrade older appliances to new Energy Star appliances, including water heaters and AC units throughout the property. The property is roughly 97% occupied and will be financed by fixed-rate agency debt that isn’t subject to the ebbs and flows of the interest-rate climate over the next 5 years.
| Asset Type | Multi-Family Residential |
| Development Type | Renovation |
| Previous Use | Multi-Family Residential |
| Investment Closing Date | April 2025 |
| Total Development Area | 285,739 SF |
| Construction Timeframe | 12 months post-close |
$6.75M
$6.75M
$4.55M
$0.81M
$5.4M
American South Capital Partners collects each project's census tract income level at the time of close as part of CRA reporting guidelines. Source: Federal Financial Institutions Examination Council Geocoder.
Verius Property Group (“VPG”) is a vertically integrated company that does in-house accounting, legal and reporting. Professional investment platform based in New Orleans, Louisiana. Founded in 2016, VPG is managed by its CEO Michael Merideth where he has propelled the company to the 8th fastest growing real estate company in America. VPG is also supported by its COO, where they offer construction and property management services.
| Location | 2651 Poydras St, New Orleans, LA, 70119 |
| Area | New Orleans Metropolitan Statistical Area |
| LMI Community Status | Low |
| Unemployment Rate | 5% |
| Poverty Rate | 20% |
| % Minority | 83% (62% African American) |
The Marquis is located in New Orleans, Louisiana. Over 55% of New Orleans households are renter-occupied, driven by a mix of students, service workers, and young professionals. A large portion of Class C assets were built before 1980, adding a newer value to The Marquis due to its age. Universities & Medical Anchors: Tulane, Xavier, and LSU Health Sciences Center attract students and medical residents who drive demand for Class B/C rentals. Hospitality & Healthcare Employment: Tourism is a $10B+ industry, and the growing bio-med corridor adds stability to working-class renter demand.
ASREF II’s $4.56 million preferred equity investment in The Marquis will preserve the availability of quality affordable housing in New Orleans, Louisiana.
