Botanica Apartments In Mandeville Sell For $25,750,000

Botanic Apartments in Mandeville sold on June 2 for a price of $25,750,000. Botanica is a 228-unit complex located at 100 St. Ann Drive. The complex opened in 1998 and has an average occupancy rate of 95-96 percent. The buyer, AMG Botanica, is a New Orleans based company represented by Anthony Iarocci, Gary Solomon, and Brian Gibbs.
New Orleans-based AMG owns a number of upscale apartment complexes in the area. Plans are to spend approximately $4 million on improvements at Botanica after the sale, upgrading the interior of units and common areas.
The seller was Florida based Botanica Holdings represented by J. Ken Tate. The sales price equates to $112,939 per unit. The New Orleans office of Walker and Dunlop handled the $20.7 million financing.