“The Local on Severn” – a 161-unit apartment complex near Lakeside Shopping Center in Fat City in Metairie – has sold for $17.6 million. Audubon, an Atlanta-based rental housing investment company, sold the apartment complex to The Medve Group, a Dallas-based property management group with a portfolio of properties across Louisiana. “Our business plan revolves around the repositioning of multifamily assets through strategic reinvestment and experienced management to increase property value,” said Myles Cunningham, Managing Partner and CIO at Audubon. “We’re thrilled with the sale of this notable apartment complex, as the transaction is a testament to Audubon’s ability to provide a great return on investment to its investors.” Audubon’s properties extend throughout Alabama, Georgia, the Carolinas, and in Louisiana, including the $55 million, Class A-multifamily The Metro at Clearview luxury apartment project. The Local on Severn was formerly named Castille Severn when Audubon purchased the property in 2018 and then did renovations on the complex. The Medve Group manages complexes throughout New Orleans, including The Terraces at Metairie, Margeaux Metairie, Chateau Lake Terrace, The Arts at West Napoleon, and now The Local on Severn. The Local on Severn features about 140,000 rentable square feet of studio, one-, two- and three-bedroom apartments. The apartments have various in-home amenities including granite countertops, vinyl wood flooring, walk-in closets, and private patios and balconies. It is a pet-friendly community with two swimming pools and sundecks, and has close access to N. Causeway Blvd., I-10, and the Lakeside Shopping Center.