Apartment Community in Memphis Changes Hands for $51.3M

By Liviu Oltean, Associate Editor

The Preserve at Forest Creek Apartments

The Preserve at Forest Creek Apartments, a 414-unit, Class A apartment community, recently changed hands for $51.3 million.

According to a special warranty deed, two affiliates of Carter-Haston Real Estate Services Inc. sold the community in Germantown to BRE Piper MF Forest Creek TN LLC, an entity belonging to Chicago-based LivCor LLC.

Located at 9230 Thornbury Blvd., the multifamily complex offers one-, two-, and three-bedroom apartments ranging in size from 786 square feet to 1346 square feet. Residents of The Preserve at Forest Creek can enjoy amenities such as a resident lodge; an indoor sports court; a car-care center; a heated resort-style pool; and a lighted tennis court. The apartments have nine-foot ceilings; oversized bedrooms; walk-in closets; designer kitchens and GE appliances. Certain units also offer wood burning fireplaces and patios and balconies with preserve views.

As Commercial Property Executive has reported, the apartment community was purchased by Carter-Haston for $45.5 million in 2011. It was acquired from Altman Development Corp., which were represented by CBRE. At the time of the acquisition, the complex had a 98 percent occupancy rate, the deal representing one of the largest multifamily transactions in Memphis between 2008 and 2011.

Image Courtesy of Carter-Haston via Official Website