{"id":1004076781,"date":"2013-06-07T12:29:05","date_gmt":"2013-06-07T20:29:05","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=137203"},"modified":"2025-02-19T06:03:11","modified_gmt":"2025-02-19T14:03:11","slug":"apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m\/","title":{"rendered":"Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>Riverset, a 500-unit apartment community on Memphis\u2019 Mud Island has<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/riverset-apartments.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-137243\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/riverset-apartments.jpg\" alt=\"\" width=\"300\" height=\"223\" \/><\/a> just sold in a rare transaction for the downtown Memphis apartment market. According to the<a href=\"https:\/\/www.bizjournals.com\/memphis\/blog\/morning_call\/2013\/06\/mud-island-apartments-sold-for-436m.html\" target=\"_blank\" rel=\"nofollow noopener\"> <em>Memphis Business Journal<\/em><\/a>, TMF Riverset LLC purchased the asset built between 1988 and 1990 from previous owner Auction Street Associates LP for $43.6 million \u2013 about $87,200 per unit. The seller was represented by CBRE\u2019s Memphis Multifamily Division.<\/p>\n<p>According to the property\u2019s website, amenities at Riverset include a business center, conference room, expansive fitness center, multiple swimming pools complete with large sundecks, racquetball court, putting tee, additional storage units, car care center as well as boat parking. Comprised of one- and two-bedroom apartments, Riverset features 11 floor plans. Units range between 630 and 1150 square feet and feature amenities such as patios, sundecks or sunrooms, laundry room and dishwashers.<\/p>\n<p>In other news, Summit hotel Properties LLC sold The Lenox Park Courtyard by Marriott, located on East Kirby Parkway in East Memphis, reports <em><a href=\"https:\/\/www.memphisdailynews.com\/news\/2013\/jun\/4\/digest\/#77544\" target=\"_blank\" rel=\"nofollow noopener\">The Memphis Daily News<\/a>.<\/em>\u00a0 Wisconsin-based Batra Hospitality Group acquired the asset for $4.2 million via a special warranty deed. The buyer also filed a $4.2 million loan through Liberty Bank in conjunction with the acquisition. The Shelby County Assessor of Property\u2019s appraisal of the hotel was $2.4 million.<\/p>\n<p>Built in 1998, the 51,804-square-foot property is located near the Lenox Park office complex. The 93-key, three-story, hotel boasts 625 square feet of meeting space, a fitness center, whirlpool, outdoor poll , barbeque and picnic area, The Bistro onsite signature restaurant, convenience store, new lobby, Wi-Fi throughout, and onsite parking.<\/p>\n<p><em>Image courtesy of Riverset Apartments\u2019 Facebook page<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riverset, a 500-unit apartment community on Memphis&rsquo; Mud Island has just sold in a rare deal for the downtown Memphis apartment market.<\/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":[1595,1815],"class_list":["post-1004076781","post","type-post","status-publish","format-standard","hentry","category-latest","tag-memphis","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M - 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\/apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M\" \/>\n<meta property=\"og:description\" content=\"Riverset, a 500-unit apartment community on Memphis&rsquo; Mud Island has just sold in a rare deal for the downtown Memphis apartment market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m\/\" \/>\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=\"2013-06-07T20:29:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T14:03:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/riverset-apartments.jpg\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/apartment-property-in-downtown-memphis-sold-for-43-6m-east-memphis-marriott-picked-up-for-4-2m\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Apartment Property in Downtown Memphis Sold for $43.6M; 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