New Orleans Restoration Properties

What New Orleans Restoration Properties does

New Orleans Restoration Properties (NORP) is a 4th-generation, minority-owned full-service real estate development firm headquartered in New Orleans, Louisiana. Founded by siblings Marseah 'Marcy' Delatte and Paul Alvin Irons following Hurricane Katrina, the firm specializes in multifamily affordable housing, mixed-use developments, and historic property restoration. Its core technology stack is not software-based but rather a proprietary capital-assembly capability combining Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC), PILOT agreements, Enterprise Green Communities standards, and Fortified Construction certifications to underwrite projects that conventional financing would not support. Completed and in-flight developments include Grove Place (32 units, completed 2024), St. Bernard Circle (51 units, completed Q1 2025), Grove Place II (36 units, 2025), Franklin Senior Apartments (63 units, 2025), and Esplanade Delille (50 units + retail, projected 2026).

NORP generates revenue across four streams: one-time property sales of restored historic homes ($198,999-$500,000); short-term vacation rental income ($61-$179/night) booked through the Booking Automation platform for studios and multi-bedroom units in the French Quarter, Midcity, and Treme; recurring long-term rental income on properties managed via affiliated HRI Management; and long-term ownership/management fees on multifamily developments funded by competitive tax credit awards. Customer segments span two primary groups — government/housing authority clients (HUD, HANO, Louisiana Housing Corporation, City of New Orleans) underwriting affordable and mixed-income developments, and individual consumers purchasing restored historic homes or booking short-term stays. Distribution is direct via nolarp.com and government contracting, with vacation rental bookings also flowing through Airbnb via 1,400+ reviews. Go-to-market blends a sales-led enterprise motion for housing authority deals with direct-to-consumer booking for rentals and event-driven (ribbon-cutting) community engagement that generates earned media.

Name

New Orleans Restoration Properties

Legal name

New Orleans Restoration Properties LLC

Website

https://nolarp.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

New Orleans Restoration Properties is a 4th-generation, minority-led real estate development firm founded in 2005 that specializes in historic restoration and affordable multifamily housing in New Orleans, serving government housing authorities, low-income and senior residents, and individual home buyers via LIHTC/HTC-financed projects and short-term rentals.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Residential Building Construction (23611), Residential Remodelers (236118), New Housing For-Sale Builders (236117), Land Subdivision (23721)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Historic Home Renovation & Preservation (HSAPAEAG)

akta.pro secondary industries

Whole-Home Interior Renovation (Non-Structural) (HSAPAEAC), Interior Rebuild & Finishing (Drywall, Flooring, Paint, Trim) (HSAPAOAI), Hardwood Floor Refinishing & Restoration (HSAPAGAB)

Keywords

• Affordable housing development
• Historic property restoration
• Multifamily housing construction
• Mixed-use real estate
• Vacation rental management

Headquarters

HQ city

New Orleans

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Property Sales (Homes for Sale): Sale of restored historic homes and new construction properties to individual buyers. Revenue is generated through one-time transaction fees on property sales.
2. Vacation Rentals: Short-term rental income from restored historic studio and residential units in the French Quarter, Midcity, and Treme neighborhoods. Bookings handled through Booking Automation platform.
3. Long-Term Rentals: Rental income from residential units managed through HRI Management. Properties include Grove Place and other apartment communities.
4. Multifamily Housing Development: Development of multifamily apartment communities (affordable, mixed-income, and senior housing) for long-term ownership and management, funded through tax credits and public-private financing.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

New Orleans Restoration Properties is a full-service real estate development firm that revitalizes historic New Orleans neighborhoods through multifamily housing and mixed-use developments. The company develops, sells, and rents restored and newly constructed historic properties, including affordable rental apartments, senior housing, market-rate homes, and short-term vacation rentals, using tax credit financing (LIHTC, HTC), green building standards (Enterprise Green Communities, Fortified Construction), and public-private capital stacks.

Product overview

New Orleans Restoration Properties (NORP) is a full-service real estate development firm operating as a portfolio of distinct development projects and property services. The company develops multifamily housing and mixed-use properties, including completed projects (Grove Place, St. Bernard Circle), projects under construction (Grove Place II, Franklin Senior Apartments), and projects in development (Esplanade Delille). Supporting services include vacation rentals managed through Booking Automation, long-term rentals, and historic homes for sale. The firm specializes in affordable housing using tax credit financing (LIHTC, HTC), historic preservation, and sustainable building practices (Enterprise Green Communities, Fortified construction).

Differentiator

Problem solved

Functional benefit

Products and services

• Grove Place 32-unit 100% affordable residential development combining 23 historic rehabilitated units and 9 newly constructed units, located in the Hollygrove neighborhood of New Orleans. Completed January 2024 with Enterprise Green Communities, Fortified Construction, and ENERGY STAR standards.
• Grove Place II 36-unit affordable rental housing development in the Hollygrove neighborhood combining rehabilitation of 22 existing scattered site units with new construction of 14 units, including single family, doubles, duplexes, and fourplexes. Awarded a competitive 9% housing tax credit.
• St. Bernard Circle Apartments 51-unit residential apartment building with retail space, a four-story 56,000 square foot new construction family-oriented housing development in New Orleans, completed in early Q1 2025.
• Franklin Senior Apartments 63-unit mixed-use senior living facility developed through historic renovation of the Franklin Foundation Hospital. Features 54 one-bedroom and 9 two-bedroom units, Fortified roof, backup generator, and Enterprise Green Community standards, with the building eligible for the National Register of Historic Places.
• Esplanade Delille 50-unit apartment development with approximately 2,000 SF of street-level retail facing Esplanade Avenue near the French Quarter. Includes 16 CNI replacement units funded through Section 811 PSH vouchers and HANO project-based vouchers for former Iberville public housing residents.
• Vacation Rentals Short-term rental properties including studios and multi-bedroom units in the Historic Midcity District and French Quarter area, with original architectural details, smart TVs with Netflix, and washer/dryer. Managed through the Booking Automation platform with nightly rates from $61 (studios) to $179 (5-bedroom units).
• Long Term Rentals Residential rental properties available for extended lease terms, with property management services for Grove Place and other rental units managed through HRI Management.
• Historic Homes for Sale Restored and newly constructed historic properties sold to individual consumers, including shotgun homes, doubles, and residential buildings in historic New Orleans neighborhoods, with restored hardwood floors, original architectural details, and modern amenities. Prices range from $198,999 to $500,000.

Quantifiable outcome

• Over $70 million in development and construction funding completed; $50 million in committed pipeline funds
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

One partnership is on record.

• HRI PropertiescoreStrategic or Co-development PartnerDevelopment partner for Grove Place. HRI is a major New Orleans-based real estate development firm with extensive experience in affordable housing and mixed-use developments.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• L+M Development Partners: Major national affordable housing developer with $5B+ portfolio. Comparable in mixed-income, mixed-use, and historic adaptive reuse approach, though operating at significantly greater scale and capital.
• The Community Builders: Large national nonprofit affordable housing developer with operations across multiple states. Comparable in LIHTC-driven affordable housing model, though much larger and geographically diversified; potential acquirer/partner for NORP's pipeline.
• McCormack Baron Salazar: National affordable housing and urban revitalization developer known for transforming blighted neighborhoods. Comparable in mixed-income, mixed-use, historic preservation approach with deep government partnerships.

Regional players

• Hope Enterprise Corporation: Regional community development financial institution serving Mississippi, Louisiana, Alabama, and Tennessee. Comparable in mission of community-based affordable housing development and provision of LIHTC equity in the Gulf South.

Direct peers

• Crescent City Community Development Corporation: New Orleans-based affordable housing developer. Comparable in scope (multifamily rental, mixed-use, historic restoration) and in dependence on LIHTC and local government partnerships.
• Renaissance Neighborhood Development Corporation: New Orleans nonprofit developer focused on affordable rental housing in historic neighborhoods like Treme and 7th Ward. Competes for the same LHC tax credit awards and HANO partnerships.
• HRI Properties: Major New Orleans-based real estate development firm with extensive experience in affordable housing, mixed-use, and historic preservation. NORP explicitly co-developed Grove Place with HRI, making it a directly comparable co-developer in the same market with overlapping capital stack expertise.
• Providence Community Housing: New Orleans-based nonprofit affordable housing developer focused on mixed-income and mixed-use projects in historic neighborhoods. Directly competes for the same LIHTC allocations, HANO vouchers, and historic preservation projects in the New Orleans market.
• Enterprise Community Partners: National nonprofit affordable housing developer and impact investor; NORP is a development partner on Grove Place. Comparable in mission (sustainable affordable housing), LIHTC structuring expertise, and use of Enterprise Green Communities standards.
• Alembic Community Development: New Orleans-based minority-led affordable housing and community development firm. Comparable in mission, market (New Orleans historic neighborhoods), and reliance on LIHTC/HTC capital structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCO0sKJwN4IHR5iBZYiAooxA
• Facebookfacebook.com/neworleansrestorationproperties
• Instagraminstagram.com/nolarestorationproperties
• LinkedInlinkedin.com/company/new-orleans-restoration-properties

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

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 New Orleans Restoration Properties