How the New Orleans property-management company acquired a former Missoula house for $2.5m

A property-managed company in New Orleans has bought a former St. Helena house for about $2 million and is working on a condo in the area, the Associated Press reported.

The deal with New Orleans-based REI Holdings Inc. came a month after the Missoulas Board of Trustees approved a new $1.9 billion bond to help pay for the construction of a luxury condo complex at the former St Helena housing project.

REI will manage the development, which will include apartments and condominiums, and will own and operate a casino.

The $2,500-a-month rent is $1,800 more than the median monthly rent in St. Louis County.

The property is in the former home of St. John’s Episcopal Church in Missoulae.

The property has been vacant since 2008.