The Menkiti Group Announces Strategic Partnership with VPG to Preserve Affordable Housing in New Orleans

WASHINGTON, April 10, 2025 /PRNewswire/ -- The Menkiti Group, a DC-based, minority-owned real estate firm, announced its recent strategic partnership with VPG to acquire Arbor Place Apartments, a 136-unit multifamily property located in Terrytown, LA. Located just outside of New Orleans, the property marks a significant investment aimed at preserving affordability and furthering both firms' shared commitment to revitalizing historically underinvested communities.

"We believe that meaningful neighborhood change begins with strong local partners, and we're honored to work alongside VPG on this impactful project," said Bo Menkiti, Founder and CEO of The Menkiti Group. "Arbor Place represents the kind of thoughtful investment that aligns with our values—preserving affordability, supporting local leadership, and strengthening communities for the long term."

Through this partnership, The Menkiti Group is providing joint venture equity financing for the project. The investment was made through The Menkiti Group's Obsidian Catalyst Fund I, LP - a mission-driven real estate investment fund focused on supporting emerging sponsors and driving inclusive growth in urban communities.

VPG will be leading the project's operations and long-term asset management strategy. With over 14 years of experience, VPG has built a strong presence in the New Orleans region, owning and managing over 850 apartment units. Arbor Place Apartments will continue to serve local residents with 50% of the 136 units designated as affordable housing at 60% of the Area Median Income.

"This investment represents a meaningful step in providing high quality, accessible and affordable housing options for working families across New Orleans," said Michael Merideth, CEO of VPG. "We are proud to partner with The Menkiti Group and the Obsidian Catalyst Fund to further our mission of delivering high-quality workforce and affordable housing that supports long-term community stability."

Obsidian Catalyst Fund I, LP (OCF) targets value-add and opportunistic investments in mixed-use and mixed-income real estate assets, including workforce and affordable housing and neighborhood commercial properties. OCF focuses on urban neighborhoods that sit on the "other side of perception," often shaped by man-made or historical barriers that have distorted the value of real estate assets. Investments typically range from $1 million to $5 million per project and follow a long-term hold strategy. OCF targets major and secondary cities across the Mid-Atlantic, Southeast, and New England regions. Backed by research from The Initiative for a Competitive Inner City (ICIC), Grove Impact, and the Siegel Family Endowment, OCF is committed to measuring and maximizing the social and economic impact of its investments.

About The Menkiti Group:

Founded in 2004, The Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC, with an additional office in Worcester, Massachusetts. As an integrated real estate services company, The Menkiti Group focuses on a double bottom line, measuring success through both positive social impact and financial returns. With a mission to transform lives, careers, and communities through real estate, the firm is committed to driving neighborhood impact and engaging with communities through a long-term perspective. Over the past 20 years, The Menkiti Group has invested over $390 million in emerging urban neighborhoods along the east coast from Florida to Massachusetts, developed more than 3.8 million square feet of real estate, and built a pipeline of deals valued at over $1.7 billion. The company has also assisted over 2,000 families in purchasing their first homes. Notable catalytic projects include MLK Gateway, Bond Bread with Howard University, The Yards Parcels G1 and G2 in partnership with Brookfield, St. Elizabeths Parcels 7, 8, and 9, and Parcel D-4 in partnership with The Community Builders in Boston.

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SOURCE The Menkiti Group