{"id":1004050158,"date":"2012-09-20T07:49:37","date_gmt":"2012-09-20T15:49:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=69903"},"modified":"2025-02-19T06:07:14","modified_gmt":"2025-02-19T14:07:14","slug":"affordable-housing-and-midtown-high-rise-sold","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/affordable-housing-and-midtown-high-rise-sold\/","title":{"rendered":"Affordable Housing and Midtown High-Rise Sold"},"content":{"rendered":"<p>By Eliza Theiss, Associate Editor<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/6_pic_chart9.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-69905\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/6_pic_chart9.jpg\" alt=\"\" width=\"250\" height=\"176\" \/><\/a>A private investor has purchased a 13.1-acre,\u00a0low-income housing complex near Memphis International Airport, reports the<em> Memphis Daily News.<\/em> Dr. Harvard Stephens paid $1.3 million, or $4,780 per unit, for the 272-unit Prescott Place Apartments. The Class D property is located at 3461 Steve Rd. and was built in 1972.<\/p>\n<p>The property\u2019s value has been steadily declining over the past years, and previous owner Prescott Place Apartment LP, based in Alabama, purchased it for $5.3 million. According to the Shelby County Assessor\u2019s most recent appraisal, the property has a value of $2.8 million.<\/p>\n<p>In further multifamily news, Kroger Co. purchased the 10-story Belvedere of Midtown multifamily property at 1745 Union Ave., reports the <em>Memphis Business Journal<\/em>. Operating as Kroger Limited Partnership, the company paid $2.6 million for the 146,000-square-foot high-rise building. Built in 1964, the property was previously owned by Belvedere Apartments Inc.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/belevdere-at-midtown.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-69904\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/belevdere-at-midtown.jpg\" alt=\"\" width=\"300\" height=\"182\" \/><\/a><\/p>\n<p>Though Kroger will reportedly keep the property for now, the company is more interested in the 1.12 acres the building stands on, as Belvedere of Midtown is adjacent to Kroger\u2019s 39,723-suqare-foot Midtown store. The grocery store chain ultimately needs to secure ownership of the entire block so as to build a new store at the location. Kroger already owns three small tracts of land east of the existing 1941-built store but still needs more land to develop the planned first-class grocery store.<\/p>\n<p>According to the<em> Memphis Daily News<\/em>, the purchase also includes Belvedere\u2019s attached and front parking.\u00a0 The Shelby County Assessor\u2019s latest appraisal places the value of the property at $2.1 million.<\/p>\n<p><em>Click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-apartment-demand-falls-in-memphis-causing-vacancy-rate-to-flatline\/1004057243.html\" target=\"_blank\" rel=\"nofollow noopener\">here<\/a> for further market data on Memphis.<\/em><\/p>\n<p><em>Photo credit: Google Maps<\/em><\/p>\n<p><em>Chart courtesy of <a href=\"https:\/\/www.aagm.org\/memberresources\">Apartment Association of Greater Memphis<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A private investor has purchased a 13.1-acre, low-income housing complex near Memphis International Airport<\/p>\n","protected":false},"author":1269,"featured_media":1004506157,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004050158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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