{"id":1004055050,"date":"2012-12-12T08:14:42","date_gmt":"2012-12-12T16:14:42","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=87924"},"modified":"2025-02-19T06:06:29","modified_gmt":"2025-02-19T14:06:29","slug":"foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis\/","title":{"rendered":"Foxwood Apartments and Kensington Manor Apartments Sold in Memphis"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

Multifamily in Greater Memphis has been experiencing a fair amount of activity as of late, with two apartment communities trading in just a few days\u2019 time. One of these communities is the 220-unit Foxwood Apartments\u2014located in the Bill Morris Parkway High-Tech Corridor submarket of the Bluff City.<\/p>\n

The 1972-built multifamily property was purchased for $2.27 million by Resource Real Estate Opportunity REIT. The 30-building development offers 212,000 square feet of leasable area, and community amenities include a fitness center, swimming pool, tennis courts, playground, clubhouse and onsite leasing office.<\/p>\n

Foxwood Apartments is located conveniently close to I-240 and Nonconnah Parkway, placing the community in proximity to major employmers such as FedEx World, Technicolor, Nike, Lenox Corporate Park and the Nonconnah Technology Corridor.<\/p>\n

Resource Real Estate Opportunity\u00a0acquired Foxwood Apartments along with Park Forest Apartments in Oklahoma City, Okla. The company paid $2.05 million for Park Forest, and both properties were bank-owned as they were previously foreclosed upon.<\/p>\n

In other multifamily news, the 570-unit Kensington Manor Apartments has also been picked up. According to the Memphis Daily News<\/em>, the 2893 Getwell Rd. property was \"\"<\/a>purchased by Memphis Heights LLC of Miami Beach, Fla. for $2.2 million.<\/p>\n

The 570-unit community covers 29.19 acres in Memphis\u2019 Oakhaven submarket and has 545,790 square feet of leasable area. The Class D garden-style property was developed in 1973. According to various sources, the property features one-, two-, three- and four-bedroom units with air conditioning, dishwasher and a walk-in closet, while community amenities include a swimming pool, playground and laundry facility.<\/p>\n

The property was sold in a special warranty deed, as it went into foreclosure and bankruptcy in 2009 after its previous owner, Tennessee Bay Kensington Manor LP of Irving, Tex., defaulted on a $12.3 million loan. LEDIC Management Group LLC acted as court-appointed receiver for California Bank & Trust and the seller.<\/p>\n

Photo courtesy of loopnet.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Greater Memphis Area’s multifamily experienced a fair amount of activity recently with two apartment communities trading in just a few days’ time.<\/p>\n","protected":false},"author":49,"featured_media":1004506444,"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":[1815],"class_list":["post-1004055050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\nFoxwood Apartments and Kensington Manor Apartments Sold in Memphis - 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\/foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foxwood Apartments and Kensington Manor Apartments Sold in Memphis\" \/>\n<meta property=\"og:description\" content=\"The Greater Memphis Area’s multifamily experienced a fair amount of activity recently with two apartment communities trading in just a few days’ time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-12T16:14:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T14:06:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/kensington-amnor-apt-via-loopnet2.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/foxwood-apartments-and-kensington-manor-apartments-sold-in-memphis\/\",\"name\":\"Foxwood Apartments and Kensington Manor Apartments Sold in Memphis - 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