Appling Lakes at Cordova Club Sold for $26.4 Million
- May 28, 2012
Appling Lakes LLC of Salt Lake City has purchased the 312-unit Appling Lakes at Cordova Club apartment community from 27 tenant-in-common investors for $26.7 million. The sellers bought the property in 2005 for $26.9 million. The purchase was financed with a $19.9 million loan filed through Prudential Affordable Mortgage Co. LLC according to The Memphis Daily News.
Appling Lakes sits on 28 acres at 1385 Appling Road, bordering the Cordova Country Club. The Class A apartment property, built in 1998, features three-story buildings of one-, two- and three-bedroom units. Community amenities include a pool with lap lanes, lighted tennis court, sand volleyball court playground, laundry facility, detached garages, sundeck, picnic area with gas grills, a 24-hour fitness center, 24-hour maintenance and a clubhouse. Other amenities include fully equipped kitchens, fireplaces, walk-in closets, and extra storage closets.
In other local news, The Cabinet Shop is making progress. According to The Memphis Daily News the mixed-use project in downtown Memphis has been in development for over two years, but has been delayed due to several financial, structural and architectural issues that came up after development started.
Greenbrier Partner’s LLC development is located at 436 South Front Street and the company estimates it will cost around $2.5 million to build the three-story, 29,000-square-foot building. Of this, 5,500 square feet will be retail space; there will also be 19 one-bedroom and six two-bedroom apartment units and 25 underground parking spaces. The structure will include part of a warehouse more than 100 years old as well as some new construction. The project is expected to be completed by September 1.
The Memphis Business Journal also reported recently on a much smaller multifamily transaction. WI Memphis LLC, the company that paid $1.68 million for the Pleasant View Apartments community earlier this year, has purchased another Memphis apartment complex. WI paid approximately one quarter of a million dollars for the 34-unit Oak Creek Apartments, located near the University of Memphis campus. WI plans to stabilize the property through an asset management system.
With this transaction WI Memphis owns 800 apartment units.
Photo credit: Appling Lakes at Cordova Club’s Facebook page