#United States #Menkiti Group #VPG #Arbor Place #Terrytown

The Menkiti Group and VPG Unite for Affordable Housing in New Orleans

On April 10, 2025, the Menkiti Group, a real estate firm based in Washington, D.C. and owned by minorities, announced a strategic collaboration with VPG aimed at acquiring Arbor Place Apartments. This multifamily property, consisting of 136 units, is located in Terrytown, Louisiana, just outside New Orleans. This partnership represents a crucial investment focused on maintaining affordability and demonstrating a shared commitment to revitalizing communities historically overlooked by developers.

The founder and CEO of the Menkiti Group, Bo Menkiti, expressed enthusiasm about this partnership, stating, “We believe that significant change in neighborhoods starts with strong local collaborators. It’s an honor to join forces with VPG on such a meaningful initiative. Arbor Place is the right type of investment that matches our values—maintaining affordable housing, supporting local leadership, and enhancing communities over the long term.”

This strategic partnership involves the provision of joint venture equity financing facilitated through the Menkiti Group’s Obsidian Catalyst Fund I, LP, which aims to support emerging sponsors and incite inclusive growth within urban communities. VPG will spearhead operational and long-term asset management initiatives connected to this project. With over 14 years of industry experience, VPG has established a formidable presence in New Orleans, managing more than 850 apartment units.

Arbor Place Apartments holds particular significance as half of its 136 units are designated as affordable housing, priced at 60% of the Area Median Income. Michael Merideth, CEO of VPG, emphasized the importance of this investment, saying, “This project is a vital step toward providing high-quality, accessible, and affordable housing options for working families in New Orleans. Teaming up with the Menkiti Group and the Obsidian Catalyst Fund strengthens our mission to deliver quality workforce and affordable housing, promoting long-term community stability.”

The Obsidian Catalyst Fund I, LP specializes in targeting value-add and opportunistic investments within mixed-use and mixed-income real estate developments. This includes both workforce and affordable housing in addition to commercial properties within neighborhoods often underestimated or undervalued for various reasons shaped by historical barriers. Investments generally range from $1 million to $5 million for each project and take on a long-term holding strategy. The fund is especially focused on urban regions located in the Mid-Atlantic, Southeast, and New England, being supported by data from trusted entities such as the Initiative for a Competitive Inner City (ICIC), Grove Impact, and the Siegel Family Endowment. The Obsidian Catalyst Fund is dedicated to assessing and optimizing the social and economic effects of its investments.

Founded in 2004, the Menkiti Group is recognized as a fully minority-owned Certified Business Enterprise headquartered in Washington, D.C. The firm operates with a dual bottom line objective, measuring success in terms of both social impact and financial performance. Its mission is to transform lives, careers, and communities through real estate, focusing on long-term community engagement. Over the past two decades, the Menkiti Group has invested approximately $390 million into developing emerging urban neighborhoods from Florida to Massachusetts, resulting in over 3.8 million square feet of real estate developed and a deal pipeline surpassing $1.7 billion. Furthermore, the company has played a crucial role in assisting more than 2,000 families in becoming first-time homeowners, evidenced by notable projects like the MLK Gateway, Bond Bread in collaboration with Howard University, and others throughout the Boston area.

In conclusion, the partnership between the Menkiti Group and VPG to acquire Arbor Place Apartments exemplifies a commitment to tackling the affordable housing crisis, ensuring that lower-income families have access to safe and stable homes while rejuvenating communities that have faced years of neglect.