VOL. 130 | NO. 67 | Tuesday, April 7, 2015
Memphis Real Estate Recap
Woods at Ridgeway Apartments Sell for $18.5 Million
6277 Lake Arbor Drive and 6206 Knight Arnold Road
Sale Amount: $18.5 million
6277 Lake Arbor Drive and 6206 Knight Arnold Road • Memphis, TN 38115
Sale Date: March 26, 2015
Buyer: Roco-Woods LLC
Seller: RRE Wyndridge Holdings LLC,
Details: The Woods at Ridgeway, an apartment community near the northeast corner of Ridgeway and Knight Arnold roads, has sold for $18.5 million to an affiliate of Michigan-based ROCO Real Estate.
Roco-Woods LLC bought the Class C property, which has about 550 units, from RRE Wyndridge Holdings LLC, according to a March 26 warranty deed.
The purchase includes two parcels, 6277 Lake Arbor Drive and 6206 Knight Arnold Road, according to the deed. The Shelby County Assessor of Property lists 6177 Lake Arbor as a 26.6-acre parcel containing 260 units, while 6206 Knight Arnold is listed as a 23.2-acre parcel containing 284 units.
The assessor's 2014 appraisal of the properties is $6.4 million and $5.2 million, respectively.
RRE Wyndridge Holdings, an affiliate of Philadelphia-based Resource Real Estate, purchased the Hickory Hill complex – then known as the Wyndridge Apartments – for $9.5 million in 2009, when occupancy stood at 36 percent. The company extensively renovated the community the next year and rebranded it as The Woods at Ridgeway.
Germantown, TN 38138
Buyer: FarmEx Rail LLC
Seller: Finard Germantown LLC
Details: A New York investor has purchased the Germantown Plaza Shopping Center for $14.4 million.
An entity operating as FarmEx Rail LLC acquired the 137,554-square-foot shopping center at 1991 Exeter Road, near the southwest corner of Exeter and Farmington Boulevard, from Finard Germantown LLC, according to a March 19 warranty deed. The buyer, FarmEx Rail LLC, filed a $10.7 million loan in association with the purchase with CitiGroup Global Markets Realty Corp, according to a March 21 deed of trust.
Boston-based Finard Properties owns an extensive portfolio of retail centers in the Memphis area, including Poplar Plaza at Poplar Avenue and Highland Street and Whitehaven Plaza.
According to the Shelby County Assessor of Property's website, the combined value of the addresses listed on the warranty deed is $8.8 million.
1565 N. Germantown Road,
5795 Raleigh Lagrange Road
And 4234 Hacks Cross Road
Sale Amount: $6.4 million
Buyer: Store Master Funding VII LLC
Seller: Baileys Tunnel Wash LLC
Details: An Arizona-based real estate investment trust has snatched up three Memphis-area car wash facilities for $6.4 million.
Store Master Funding VII LLC, an affiliate of Scottsdale-based STORE Capital, acquired the properties at 1565 N. Germantown Road, 5795 Raleigh Lagrange Road and 4234 Hacks Cross Road from Little Rock, Ark.-based Baileys Tunnel Wash LLC, according to three March 16 warranty deeds.
The Shelby County Assessor of Property's combined appraisal for the three properties is $3.6 million.
266 S. Front St.
Buyer: 266 Lofts LLC
Seller: Southfront Partners
Details: A mixed-use property in the booming South Main area has traded hands for $1.5 million.
An entity operating as 266 Lofts LLC bought the Class C building at 266 S. Front St. from Southfront Partners, in care of Ted Martin, according to a March 27 warranty deed.
Built in 1957, the 33,318-square-foot building is located on the east side of Main between Beale Street and Pontotoc Avenue. The Shelby County Assessor of Property's 2014 appraisal is $1.2 million.
316 and 324 S. Front St.
Sale Amount: $840,000
Buyer: Stars & Stripes 1B LLC
Seller: Front & Vance LLC
Details: A Downtown property has traded hands for $840,000.
Stars & Stripes 1B LLC acquired 316 S. Front St. and 324 S. Front St. from Front & Vance LLC, according to a March 27 warranty deed.
The 324 S. Front parcel includes a 21,078-square-foot Class E warehouse built in 1900 at the eastern corner of South Front Street and Vance Avenue. The Shelby County Assessor of Property's 2014 appraisal was $167,100.
The 316 S. Front parcel includes a half-acre of vacant land with a 2014 appraisal of $108,000.
The seller, Front & Vance LLC, acquired both parcels in 2005 for $837,500.