Memphis Housing Authority Opens Lyons Ridge Apartments; Legends at Wolfchase Sell for $27.8M

By Amalia Otet, Associate Editor

The City of Memphis and the Memphis Housing Authority (MHA), assisted by The Memphis Land Bank, joined forces a few years back in an effort to rejuvenate long-dormant communities throughout the city. Their latest success was recorded in South Memphis,  where the MHA opened a 102-unit apartment community at 1633 Pennsylvania St., offering affordable housing to senior citizens. Lyons Ridge Apartments broke ground in May 2010, and its construction costs have been covered by mixed financing. Part of the money came from public funds in the amount of $12.2 million, the Tennessee Housing Development Agency accounted for another $7.9 million, and $4.2 million came from HUD funding through the MHA, according to The Daily News. The multi-housing community was envisioned as a gated community that could provide a healthy, green way of life to a low-income, elderly population. The three-story building containing 59 one-bedroom/one-bath and 43 two-bedroom/one-bath apartments was certified by the National Association of Home Builders and is classified as environmentally friendly in accordance with the National Green Building Standards.

The Memphis submarket of Bartlett presents some of the best investment opportunities in multifamily. Legends at Wolfchase, a 300-unit apartment community, wasrecently sold for $27.8 million, in a transaction facilitated by CB Richard Ellis. Passco Co. LLC, an Irvine, Calif.-based company managing over 8 million square feet of commercial real estate and 12,000 apartment units, acquired the property located at 8840 Bristol Park Drive from BlackRock. The Legends consist of one-, two- and three-bedroom apartment homes with private balconies and patios, ranging from 677 to 1491 square feet. The community features include a pool, children’s playground, picnic area with barbecue and fitness center, all surrounded by an idyllic landscape. Its high occupancy rate, 97 percent at closing according to The Daily News, is also due to its location amidst an array of  schools, retail centers and restaurants, with easy access to thousands of jobs as Bartlett’s road infrastructure is highly developed.

Memphis-based Education Realty Trust Inc. is kicking off a new project in Tuscaloosa, near the University of Alabama campus, in a joint venture with The Edwards Cos. The latter will provide development and design build services, and Education Realty Trust, as the majority owner, will manage the $41 million apartment community upon completion.