Project In Development
River Garden on Felicity
296 Units (148 market / 148 affordable)
Renovation and recapitalization of the River Garden Apartments on Felicity in New Orleans, LA.
The River Garden Apartments on Felicity community consist of 296 residential units in 111 doubles, four-plex and townhouse style buildings located in the Lower Garden District of New Orleans. HRI developed the property in 2003 in partnership with the Housing Authority of New Orleans as the first HOPE VI mixed-finance project in the City. The renovation of the property commenced in September 2022 and includes comprehensive exterior and selective interior improvements. Given the high occupancy rate, the renovation plan was created to minimize disruption and inconvenience for our residents. HRI Communities was awarded 9 percent Low Income Housing Tax Credits by the Louisiana Housing Corporation to fund the renovation of the property. Additional financial participants include: First Horizon Community Investment Group, Inc., Berkadia Commercial Mortgage, LLC, and the Housing Authority of New Orleans, and the Industrial Development Board of the City of New Orleans.