Villas at Cordova in Memphis Sold for $14.2 Million; Gardenwood Apartments Refinanced

By Amalia Otet, Associate Editor

Cordova continues to emerge as a premium Memphis submarket, bringing forward optimum investment opportunities in the multi-housing sector.

LNR Property LLC, a market leader in commercial properties development headquartered in Miami Beach, Florida has recently acquired through one of its affiliates the Villas at Cordova, a 256-unit apartment complex located at 8546 Prestine Loop. The class A community was bought for $14.2 million from Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, in a substitute trustee’s deed following a foreclosure, according to The Daily News. The Villas had been property of Empirian Cordova LLC until earlier this year when it faced foreclosure as the company defaulted on a $24.2 million loan; the 345,883 square-foot complex sits on 17.29 acres and features a pool/tanning deck, a fitness center and a play area, all surrounded by a sublime scenery.

In other news, Gardenwood Apartments LLC has completed a $3.6 million refinancing of its 52-unit apartment community located at 4795 Hoover Drive. The New-York–based investment group bought the property in 2010 out of foreclosure for $2.9 million from Bank of America, according to The Daily News, and managed to raise its occupancy from 80 percent at the date of closing to 93 percent at the present time. The residential community sitting on 10.1 acres and totaling 139,000 square feet includes amenities such as a fitness center, community pool, tennis and volleyball courts, picnic areas and a playground.

Memphis-based Education Realty Trust, one of the most active developers of collegiate housing in the U.S. today, has announced its latest plans to kick off construction of a new apartment complex on the Syracuse University campus. Scheduled to open in August 2012, the $29.8 million project will provide modern, amenity-filled housing for students. Campus West Apartments will be built according to LEED silver specifications and it will feature 191 studios, and one-, two- and four-bedroom units. The ground floor of the building will offer 5,000 square feet of university-leased retail space that is expected to include a combination coffee café and convenience store, as reported in a press release.