Controversial landlord Joshua Bruno has bought back Washington Place Apartments in Central City, one of six decrepit Bruno-owned complexes auctioned off in a court-ordered bankruptcy sale.
The 25-unit building was purchased for $990,000 in what The Pulse, Elifin Realty’s weekly newsletter, described as “an arm’s length transaction.” The buyer is Central Holding, a limited liability company controlled by Bruno, another LLC with Bruno listed as both agent and officer, and the New Orleans Redevelopment Fund.
The real estate development division of Hernandez Consulting & Construction, NORF Companies specializes in tax-advantaged investment strategies, such as historic tax credits and Qualified Opportunity Zone Funds. Opportunity Zone Funds, created in the Tax Cuts and Jobs Act of 2017, provide incentives to invest capital gain proceeds in areas designated as in need of economic expansion.
The multi-family building at 2316 Washington Ave. was among the low-income complexes in a bankruptcy case filed by Bruno amid a foreclosure battle and accusations that he allowed the buildings to fall into disrepair.