Carter-Haston, Crews Realty Invest in Memphis’ Strongest Submarkets
- Jul 08, 2011
Two of the strongest submarkets in Memphis nowadays, Germantown and Collierville, have recently registered important residential and commercial transactions, picking up the pace toward the real estate industry’s recovery.
The Preserve at Forest Creek Apartments, a 414-unit community in Germantown, has been sold to Carter-Haston, a Nashville, Tenn.-based company specialized in the multi-housing sector, for $45.5 million. The Class A community, developed in 2008 on 36 acres, offers one-, two- and three-bedroom apartments ranging in size from 786 to 1346 square feet. Its amenities include a heated resort-style pool, lit tennis court, WiFi cyber café, full-circuit fitness center, children’s playground and a car-care center.
According to the Memphis Business Journal, CB Richard Ellis represented the seller, Altman Development Corp. Some of the qualities that were used to market the asset have been the high occupancy rate—98 percent—and its location, ideally placed in the vicinity of a large number of office and retail centers, including Thomas & Betts, FedEx and Comcast.
In other news, Crews Realty, a real estate investment company that holds commercial and industrial properties in the Memphis market, has recently bought a 59-acre tract in Collierville for 4.4 million from ECG. The area is subdivided into 109 lots designed for home construction; it will take between three to five years for the project to be completed, according to The Commercial Appeal.
Village Park was planned as an attempt to diversify and revive the single-family housing segment in the area through the development of reasonably priced units in an excellent site location. The subdivision is situated at the corner of Shelton and Byhalia Roads, in the close proximity of recreation centers such as W.C. Johnson Park and Greenbelt trail and near education facilities like Crosswinds Elementary and Collierville High School. The prices range from $350,000 to $500,000 for 3,000- to 4,800-square-foot homes, which include a community pool and pool house.