By Eliza Theiss, Associate Editor
New York-based Somerset Partners LLC has purchased Dogwood Creek, a 278-unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC, a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York-based DRA Advisors LLC, sold the community at a rate of $93,525 per unit—translating to a grand total of $26 million, reports the Memphis Business Journal.
Built in 1997, the Class A garden style apartment complex had a 97 percent occupancy at the time of purchase and consists of one-, two- and three-bedroom units with an average surface area of 985 square feet. The property will undergo a value-add interior renovation led by Somerset Partners.
Somerset Partners is a private investment firm with a portfolio of both commercial and multifamily properties and investments of over $1.6 billion since 2000. Seller G & I V Dogwood Creek was represented by the Memphis division of CBRE.
In other multifamily news, Hunters Trace LLC, formerly known as G & I V Hunters Trace—an entity related to G & I V Dogwood Creek LLC, has financed Hunters Trace Apartments for $10.9 million through CBRE Capital Markets Inc., reports The Memphis Daily News.
Hunters Trace, a joint venture between Fogelman Management Group and New York-based DRA Advisors LLC, bought the 192-unit, two-story apartment complex in 2007 from Hunters Trace-Memphis LLC for $11.6 million, this at the same time that G & I V Dogwood Creek purchased its Collierville community from Dogwood Creek-Memphis LLC for $24.2 million.
Built in 1986 on the east side of Quail Hollow Road at the edge of Germantown, Tenn., Hunters Trace is in one of Memphis’ most exclusive residential areas. The Class B, 11.7-acre community, appraised by the Shelby County Register of Deeds at $8.8 million in 2011, features one- and two-bedroom units with air conditioning, ceiling fans, high-speed internet access and air conditioning. Further amenities include a fitness center, tennis court, swimming pools, picnic area, courtyard and exterior storage.
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Photo courtesy of Hunters Trace Facebook page