Dealmaker: Servio Capital Acquires New Orleans Property for $40M

Servio Capital, Covington, La., acquired New Orleans’ California Building for $40 million.

The acquisition marks Servio Capital’s expansion into the downtown New Orleans’ hospitality sector.

Standing at the corner of Tulane Avenue and Rampart Street at 1111 Tulane Avenue, the California Building dates to 1950 as part of the post-World War II building boom when demand for oil and gas brought considerable prosperity to New Orleans and Louisiana. It is among the oldest International Style buildings in New Orleans and serves as an Art Deco design archetype. The property, formerly operated as Hibernia Bank’s operation center, was converted to rental housing and then to a condominium property.

“Not only will it serve New Orleans lovers who want a place to stay while visiting with the opportunity for an income-producing condo, but it will also serve this corridor of health and business professionals with the opportunity to own a condo close to their workplace,” Servio Capital CEO Ryan Enk said.