What 1st Lake Properties does

1st Lake Properties is a privately held multifamily owner-operator headquartered in Metairie, Louisiana, founded in 1970 and operating more than 9,500 apartment units across 18+ communities in the Greater New Orleans metro area (Metairie, River Ridge, Kenner, Slidell, Covington, Mandeville), Baton Rouge, and Picayune, Mississippi. The portfolio spans the full price/amenity ladder: value-tier studios from $790/month at properties such as Frenchman's Creek, mid-market one- and two-bedroom units, and luxury two-bedroom units reaching $2,295/month at the newly opened Alluvia community in Kenner, which features app-controlled smart locks, smart thermostats, and complimentary 1 GB fiber internet. The company also operates a corporate extended-stay program offering fully furnished apartments with one-month minimums at $2,300–$5,200/month inclusive of utilities, plus ancillary self-storage at select properties. Revenue is generated almost entirely from monthly residential rent with ancillary income from pet fees/deposits, furnished rentals, and storage.

The underlying operating stack is built on third-party SaaS rather than proprietary technology: AppFolio powers the resident portal (rent payment, service requests, apartment transfers, rewards), BirdEye manages satisfaction surveys and Google review acquisition, Cox Communications provides preinstalled bulk WiFi across most communities, and Cort supplies rental furniture for the extended-stay product. The Alluvia property represents the most technology-forward asset, integrating app-controlled smart-home devices, EV charging stations, and resort-style amenities (pool, fitness center, gourmet kitchens with granite countertops). Customer acquisition runs through a direct-to-consumer model: 1stlake.com for property search, pricing, floor plans, online applications, and specials; dedicated phone lines and on-site leasing offices staffed Monday–Saturday at each property; and SEO plus a regional blog (covering Jefferson Parish parks, grand-opening announcements) driving top-of-funnel demand. The corporate extended-stay vertical is sold through a dedicated direct-sales motion targeting relocating employees and consultants.

The company is privately held with no disclosed parent company, subsidiaries, funding rounds, or institutional investors, suggesting a self-funded, family/operator-owned business model that has compounded organically over more than five decades. The August 2025 Alluvia grand opening (ribbon-cutting with the Jefferson Chamber of Commerce) is the most significant recent strategic event and indicates a deliberate move upmarket into luxury smart-home apartments, while the corporate extended-stay vertical opens a parallel higher-ADR enterprise-adjacent segment. Concentration is geographically tight but diversified across Louisiana and Mississippi; customer concentration is low given the long-tail residential renter base; and growth has been measured and incremental rather than hyper-growth.

Name

1st Lake Properties

Legal name

1st Lake Properties

Website

https://1stlake.com

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

101–250 employees

Short description

1st Lake Properties is a privately held Louisiana-based multifamily owner-operator founded in 1970, managing 9,500+ apartment units across 18+ communities in the Greater New Orleans metro, Baton Rouge, and Picayune, Mississippi, serving residential renters and corporate extended-stay clients.

Ownership category

akta.pro rank

Product category

Multifamily Residential Property Management

NAICS

Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (531110)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate (6500)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Apartment rentals
• Multifamily housing
• Residential property management
• Corporate extended stay
• Gulf south apartments

Headquarters

HQ city

Metairie

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Residential Apartment Leasing: Monthly rental income from standard unfurnished apartment leases ranging from studio to 3+ bedroom units across multiple properties in the Gulf South region. Revenue is recurring on a monthly basis with lease terms typically 12 months or flexible options.
2. Corporate Extended Stay / Furnished Rentals: Furnished corporate apartment rentals with minimum one-month lease terms. Includes furniture, linens, kitchen wares, appliances, paid utilities, TV, internet, and telephone services. Monthly rents range from approximately $2,300 to $5,200 depending on unit size and property.
3. Pet Fees and Deposits: One-time pet deposits ($250-$600 non-refundable portions) and monthly pet fees ($15-$35/month) charged to pet-owning residents.
4. Storage Unit Rentals: Self-storage facilities available to residents and non-residents at select locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

1st Lake Properties develops, acquires, and manages a portfolio of 18+ apartment communities totaling more than 9,500 units across the Gulf South (Metairie, Kenner, River Ridge, Slidell, Covington, Mandeville, Baton Rouge, and Picayune, MS), offering unfurnished residential leases ranging from studios to 3+ bedroom apartments and fully furnished corporate extended-stay rentals with utilities, internet, and furniture included. Each property has a staffed on-site leasing office, and residents access rent payment, service requests, and rewards through the AppFolio-powered online portal.

Product overview

1st Lake Properties operates a portfolio of apartment communities across the Gulf South region, primarily in the Greater New Orleans area including Louisiana (Metairie, Kenner, River Ridge, Slidell, Covington, Mandeville, Baton Rouge) and Mississippi (Picayune). The company offers two main product lines: standard residential apartments across 20+ named communities (ranging from studios to 3+ bedrooms), and corporate extended stay furnished apartments with inclusive amenities. Key branded communities include Alluvia (luxury smart-home apartments), the Creeks of River Ridge (8-property gated community), Frenchman's Creek, Lake Towers (Baton Rouge), and various others. All properties offer standard amenities while premium properties feature smart home technology, resort-style pools, fitness centers, and lake access.

Differentiator

Problem solved

Functional benefit

Products and services

• Alluvia Apartment Homes Luxury 1 and 2 bedroom apartment community in Kenner, LA featuring app-controlled smart locks with keyless entry and customizable codes, app-controlled energy-efficient smart thermostats, complimentary 1 GB fiber internet and WiFi, resort-style pool, fitness center, EV charging stations, and gourmet kitchens with granite countertops.
• Falling Water Apartments Studio, one, and two bedroom New Orleans-style apartments in Kenner, LA (Chateau Estates neighborhood). Offers granite countertops, updated light fixtures, gardens, and winding walkways through creeks.
• Willow Creek Apartments One and two bedroom apartments in River Ridge, LA within The Creeks of River Ridge gated community. Features include wood-burning fireplaces, washers/dryers, sunrooms with faux-wood flooring, gatehouse entrance, and access to pools and tennis courts.
• Frenchman's Creek Apartments Studio, one, and two bedroom apartments in Metairie, LA featuring landscaped courtyards, bridges over creeks, fountains, and access to two tropical pools. Located minutes from Tulane-Lakeside Hospital and downtown New Orleans.
• Lake Towers Apartments One, two, and three bedroom apartments in Baton Rouge, LA within the historic Spanish Town community. Gated lakefront property featuring wood-tone flooring, elevators, covered parking, fitness center, and a private pool.
• Sugar Mill West Apartments Studio, one, and two bedroom apartments in Kenner, LA near Lake Pontchartrain. Features a private stocked lake, authentic mill wheel, pool, and proximity to the Laketown area amenities including jogging paths and beaches.
• Turtle Creek Apartments Studio, one, and two bedroom apartments in Metairie, LA. Established community with lush landscaping, winding paths, gardens, and a sparkling pool. Features vaulted ceilings, skylights, and washer/dryer in every unit.
• Lakes of Chateau Estates South Apartments One and two bedroom apartments in Kenner, LA featuring a resort-style setting with a swimming pool, lighted tennis court, and 2.5-acre private lake. Renovated interiors include granite countertops, garden tubs, and available garages.
• Millstream Apartments One, two, and three bedroom apartments in Metairie, LA featuring floor-to-ceiling windows, natural brick accent walls, built-in bookcases, and washer/dryer in every unit. Located near downtown New Orleans.
• Surf Rider Apartments One and two bedroom apartments in Metairie, LA on Lake Ave.
• Creeks of River Ridge Community (Walnut Creek, Oak Creek, Magnolia Creek, Hickory Creek Central, Hickory Creek East, Chestnut Creek, Cypress Creek) Gated garden community in River Ridge, LA consisting of 8 apartment communities spanning studio through two bedroom layouts. Features a gatehouse entrance, majestic oak trees, winding creeks, fountains, pools, and tennis courts.
• Corporate Extended Stay Furnished Rentals Furnished corporate apartment rentals with minimum one-month lease terms, including furniture, linens, kitchen wares, appliances, paid utilities, televisions, cable, internet, and telephone services. Monthly rents range from approximately $2,300 to $5,200 depending on unit size and property; intended for businesses with relocating employees, consultants on extended projects, insurance-displaced residents, and business travelers.
• Self-Storage Rentals On-site self-storage units available for residents and non-residents at select 1st Lake Properties locations.

Quantifiable outcome

• Grand opening of Alluvia on August 28, 2025 with ribbon-cutting by Jefferson Chamber of Commerce

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• AppFoliocoreTechnology or IntegrationAppFolio provides the property management software and resident portal platform used by 1st Lake Properties. Residents access service requests, rent payments, apartment transfers, and resident rewards through the AppFolio Connect portal.
• Cox CommunicationscoreTechnology or IntegrationCox provides preinstalled WiFi with first month free at most 1st Lake Properties communities. Partnership provides residents with immediate internet connectivity upon move-in.
• BirdEyeminorGTM or Marketing PartnerBirdEye provides satisfaction survey and review management platform for 1st Lake Properties, enabling collection and monitoring of resident feedback and Google reviews.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Greystar Real Estate Partners: Greystar is the world's largest multifamily property management and investment firm, managing over 800,000 units globally. While vastly larger and broader in scope, it directly competes for the same renter pool and institutional capital in Gulf South markets where 1st Lake operates.
• Lincoln Property Company: Lincoln is a top-five national multifamily manager with a substantial Sun Belt portfolio. Its multifamily management arm directly competes for third-party management contracts and residents in Louisiana, and operates a similar leasing, marketing, and resident services playbook to 1st Lake.
• Asset Living: Asset Living is one of the largest third-party multifamily managers in the US with deep Sun Belt exposure. Comparable as a multifamily property management competitor pursuing similar unit counts in regional markets, though at materially larger scale than 1st Lake.
• Bell Partners: Bell Partners is a national multifamily owner-operator with ~80,000 units concentrated in the Sun Belt and Mid-Atlantic. Comparable as a large multifamily owner competing for residents and submarket share in the Gulf South, though broader geographically and institutionally backed.
• Morgan Properties: Morgan Properties owns and manages over 100,000 apartment units primarily in the Eastern US, with an active acquisition program that frequently targets Sun Belt markets. Comparable as a multifamily owner/operator of similar product type, competing for assets and renter demand.
• Bozzuto Group: Bozzuto is an integrated multifamily developer, owner, and manager with a portfolio of ~85,000 units across the East Coast and Sun Belt. Comparable as a full-stack multifamily operator with similar focus on amenitized, professionally managed apartment communities.
• FPI Management: FPI Management is a national multifamily property manager with a deep Sun Belt footprint. Directly comparable as a third-party and owner-operator of multifamily communities similar to 1st Lake's portfolio, competing for management contracts in regional markets.

Direct peers

• RangeWater Real Estate: RangeWater is a privately held multifamily owner-operator focused on the Sun Belt, developing and managing garden-style and Class A apartment communities. Directly comparable as a regional multifamily developer/owner of similar vintage product in the Southeast US, often competing for the same submarkets and renter demographics as 1st Lake.

Regional players

• HRI Properties: HRI Properties is a New Orleans–headquartered real estate development and management company with multifamily, hospitality, and mixed-use assets in Louisiana. Most directly comparable peer given shared Louisiana base, multifamily ownership, and similar Gulf South concentration, though HRI also operates hotels and commercial real estate.
• Royal American Companies: Royal American is a Gulf Coast–focused multifamily owner-operator with developments across Louisiana, Mississippi, Alabama, and Florida. Highly comparable given overlapping Gulf South footprint, similar garden-style product, and focus on resident-driven operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/1stlake
• Facebookfacebook.com/1stLakeProperties
• LinkedInlinkedin.com/company/1st-lake-properties-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 1st Lake Properties