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<\/a>community in Cordova, Tenn., has been purchased by Los Angeles-based QVT Mount Auburn Capital LP for $19.3 million. Working under the name Memphis Villas LLC, the entity bought the property from GECMC 2006-C1 Prestine Loop LLC, an affiliate of special service lender LNR Properties LLC. According to the Shelby County Assessor of Property, the community is worth $18.1 million.<\/p>\nLocated on 17.29 acres at the intersection of Macon and Cully roads at 8546 Prestine Loop, Villas at Cordova has 256 units. The 345,883-square-foot, Class A complex was built in 2003 and features a resident business center, fitness center, swimming pool, maintenance team, car garages and landscaped courtyards. Individual units feature private balconies or patios, central air conditioning and additional storage.<\/p>\n
According to The Memphis Daily News<\/em>, GECMC 2006-C1 Prestine Loop bought the property in May 2011 for $14.2 million from substitute trustee Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, this following the property\u2019s foreclosure due to previous owner Empirian Cordova LLC defaulting on a $24.2 million loan.<\/p>\nVillas at Cordova was one of three Memphis-area multifamily properties that Cushman & Wakefield\u2019s Atlanta-based subsidiary, Multifamily Investment Sales Group, announced it would be selling in March in an online auction via Auction.com. Villas at Cordova was listed with a starting price of $8 million. The other properties were the 320-unit Waterford Place at 8037 Waterford Circle and the 252-unit Colonnade at Germantown, the latter of which the LNR-related entity sold for $23.1 million to New York-based Sentinel Investment Group, as previously reported.<\/p>\n
QVT Mount Auburn Capital focuses on purchasing both performing and non-performing loans and assets, seeking investments that offer superior risk adjusted return.<\/p>\n
Photo courtesy of Villas at Cordova\u2019s Facebook Page<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Eliza Theiss, Associate Editor Villas at Cordova, an apartment home community in Cordova, Tenn., has been purchased by Los Angeles-based QVT Mount Auburn Capital LP for $19.3 million. Working under the name Memphis Villas LLC, the entity bought the property from GECMC 2006-C1 Prestine Loop LLC, an affiliate of special service lender LNR Properties […]<\/p>\n","protected":false},"author":49,"featured_media":0,"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-1004052062","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\n
Villas at Cordova Fetches $19.3 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/villas-at-cordova-fetches-19-3-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Villas at Cordova Fetches $19.3 Million\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Villas at Cordova, an apartment home community in Cordova, Tenn., has been purchased by Los Angeles-based QVT Mount Auburn Capital LP for $19.3 million. 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