Memphis Partnership Pays $454K for 42-Unit Apt. Property

By Eliza Theiss, Associate Editor

For some vintage is irresistible. That seems to be the case for a Memphis partnership that just purchased the 1936-built Alta Vista apartments.

According to the Memphis Business Journal, Commerce Park Associates LLC paid $453,893 for the vintage multifamily asset, which will be managed by local firm Makowsky Ringel Greenberg LLC. That price is lower than real estate website PropertyShark.com’s 2012 assessment of the property. That price rung in at $740,300, of which $136,500 made up the value of the land. The Midtown asset comprises 42 one- and two-bedroom apartment units. The 38,364-square-foot apartment complex sits on 1.25 acres.

In other multifamily news, The Memphis Daily News reported the sale of the 353-unit Sycamore Lake apartment community for $9 million. Sycamore Lake Property Owner LLC acquired the Class C apartments from Sycamore Lakes LLC successor Sycamore Lakes via a specialty warranty deed. The buyer also filed $6.8 million deed of trust though BankUnited NA.

Located between Raleigh-LaGrange Road, Westchester Drive and Sycamore View Road in northeast Memphis, the 1973-built property comprises 293,062 square feet. According to a rent.com listing, the community comprises one-and two-bedroom apartments ranging between 750 and 970 square feet. Unit features include washer and dryer, walk-in closet, fireplace, dishwasher, stove, refrigerator and patio/balcony. Community amenities include an Olympic size pool, fitness center, clubhouse, fully stocked lake and picnic areas.

Photo credits: Google Maps