{"id":1004096327,"date":"2014-05-09T14:01:08","date_gmt":"2014-05-09T22:01:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=260337"},"modified":"2025-02-19T05:57:45","modified_gmt":"2025-02-19T13:57:45","slug":"64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\/","title":{"rendered":"64-Unit Hedgemoor Square, 161-Unit Heritage Place Sold to Out-of-Town Investors"},"content":{"rendered":"

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

Hedgemoor Square Apartments, a 64-unit East Memphis multifamily asset, has been purchased by an affiliate of St. Louis-based Gateway Commercial for $3.6 million, reports The Memphis Daily News<\/em><\/a>. Operating as Summit Hedgemoor Square Apartments LLC, the entity picked up the Class B complex from Hedgemoor Square Apartments GP. In conjunction with the sale, the buyer filed a $2.7 million trust deed through Pulaski Bank of St.Louis.<\/p>\n

According to real estate website PropertyShark.com<\/a>, <\/em>the latter had owned the 375 N Graham Street multi-building community since late 2000, when it paid $2.3 million. According to the website\u2019s estimations, the community had a total market value of a little over $2.55 million in 2013.<\/p>\n

Built in 1952, Hedgemoor Square occupies 5.65 acres and is comprised of seven buildings containing two-bedroom apartments and a pool.<\/p>\n

\"\"<\/a><\/p>\n

Heritage Place<\/p>\n<\/div>\n

In other multifamily news, The Memphis Daily<\/a> News<\/em> reported the sale of Heritage Place, a 161-unit retirement center in Hickory Hill. Serenity Apartments at Hickory Hill LLC, an affiliate of Orlando-based Elevation Financial Group, picked up the asset for $1 million via a special warranty deed from NHP SH Tennessee LLC, and filed a $2.5 million loan through The Glenda G. Morgan Charitable Foundation Inc.<\/p>\n

The 2990 Hickory Hill Road community features studio, one- and two-bedroom apartments with full kitchens and kitchenettes and amenities such as a fitness room, computer center, library, craft area and casual and formal dining area.<\/p>\n

According to PropertyShark.com<\/em><\/a>, the 1985-built eight-building community occupies 13 acres.\u00a0 Valued at a little over $3.44 million in 2013, Heritage Place was last sold in early 2007, when NHP SH Tennessee LLC had paid a little over $11.85 million. \u00a0The previous owner had bought two other retirement communities around that time: Kennington Pointe for $10.1 million and Franklin Park for over $7 million.<\/p>\n

An affiliate of Elevation Financial Group recently sold the 396-unit Serenity Towers low-income senior community to Global Ministries Fellowship for $12 million. (Details here<\/a>)<\/em><\/p>\n

Image via Veritas In Care, LLC\u00a0<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Hedgemoor Square Apartments, a 64-unit East Memphis multifamily asset has been purchased by an affiliate of St. Louis-based Gateway Commercial for $3.6 million<\/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-1004096327","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\n64-Unit Hedgemoor Square, 161-Unit Heritage Place Sold to Out-of-Town Investors - 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\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"64-Unit Hedgemoor Square, 161-Unit Heritage Place Sold to Out-of-Town Investors\" \/>\n<meta property=\"og:description\" content=\"Hedgemoor Square Apartments, a 64-unit East Memphis multifamily asset has been purchased by an affiliate of St. Louis-based Gateway Commercial for $3.6 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\/\" \/>\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=\"2014-05-09T22:01:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T13:57:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/Heritage-Place1.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\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"64-Unit Hedgemoor Square, 161-Unit Heritage Place Sold to Out-of-Town Investors\",\"datePublished\":\"2014-05-09T22:01:08+00:00\",\"dateModified\":\"2025-02-19T13:57:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/\"},\"wordCount\":325,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/05\\\/Heritage-Place1.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/64-unit-hedgemoor-square-161-unit-heritage-place-sold-to-out-of-town-investors\\\/\",\"name\":\"64-Unit Hedgemoor Square, 161-Unit Heritage Place Sold to Out-of-Town Investors - 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