{"id":1004085447,"date":"2013-10-18T13:49:19","date_gmt":"2013-10-18T21:49:19","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=201855"},"modified":"2025-02-19T06:01:36","modified_gmt":"2025-02-19T14:01:36","slug":"memphis-partnership-pays-454k-for-42-unit-apt-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/memphis-partnership-pays-454k-for-42-unit-apt-property\/","title":{"rendered":"Memphis Partnership Pays $454K for 42-Unit Apt. Property"},"content":{"rendered":"

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

\"\"<\/a>For some vintage is irresistible. That seems to be the case for a Memphis partnership that just purchased the 1936-built Alta Vista apartments.<\/p>\n

According to the Memphis Business Journal<\/em>,<\/a> Commerce Park Associates LLC paid $453,893 for the vintage multifamily asset, which will be managed by local firm Makowsky Ringel Greenberg LLC. That price is lower than real estate website PropertyShark.com<\/em><\/a>\u2019s 2012 assessment of the property. That price rung in at $740,300, of which $136,500 made up the value of the land. The Midtown asset comprises 42 one- and two-bedroom apartment units. The 38,364-square-foot apartment complex sits on 1.25 acres.<\/p>\n

In other multifamily news, The Memphis Daily News<\/em><\/a> reported the sale of the 353-unit Sycamore Lake apartment community for $9 million. Sycamore Lake Property Owner LLC acquired the Class C apartments from Sycamore Lakes LLC successor Sycamore Lakes via a specialty warranty deed. The buyer also filed $6.8 million deed of trust though BankUnited NA.<\/p>\n

Located between Raleigh-LaGrange Road, Westchester Drive and Sycamore View Road in northeast Memphis, the 1973-built property comprises 293,062 square feet. According to a rent.com<\/em><\/a> listing, the community comprises one-and two-bedroom apartments ranging between 750 and 970 square feet. Unit features include washer and dryer, walk-in closet, fireplace, dishwasher, stove, refrigerator and patio\/balcony. Community amenities include an Olympic size pool, fitness center, clubhouse, fully stocked lake and picnic areas.<\/p>\n

Photo credits: Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

For some vintage is irresistible. That seems to be the case for a Memphis partnership that just purchased the 1936-built Alta Vista apartments.<\/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":[1815],"class_list":["post-1004085447","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\nMemphis Partnership Pays $454K for 42-Unit Apt. Property - 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\/memphis-partnership-pays-454k-for-42-unit-apt-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memphis Partnership Pays $454K for 42-Unit Apt. Property\" \/>\n<meta property=\"og:description\" content=\"For some vintage is irresistible. 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