Dawn Properties Acquires Memphis’ Long-Stalled Apt. Highrise for $13.5M
- Oct 24, 2014
By Liviu Oltean, Associate Editor
Cushman & Wakefield recently made public that they brokered the acquisition of Memphis’ Horizon, a 16-story, 155-unit high-rise that has remained unfinished for more than six years due to the financial crisis of 2008.
The development of the asset began in 2007, but it was abruptly stopped while the original owner was working on the interior finishes. According to an official statement, the lender, who had obtained the ownership of the building, continued to invest in The Horizon while the legal matters of the foreclosure were resolved. The lender invested in the completion of the roof, a sprinkler system, heating and air conditioning systems and towards the general preservation of the asset.
Upon build out, The Horizon will feature five different floor plans, ranging from 1,498 to 1,590 square feet. Amenities will include indoor and outdoor pools and panoramic skyline views. Located at the south end of downtown at 717 Riverside Drive, the asset is in proximity of Tom Lee Park, The National Civil Rights Museum, Beale Street and the Peabody Hotel.
The high rise was acquired for $13.5 million by Dawn Properties LLC of Hattiesburg, Miss. The transaction also included land that can support additional development–141 high-rise units and 54 terrace homes.
“An opportunity to acquire an asset of this significance in Memphis’ downtown market is incredibly unique. This property was well received by the market, and the seller chose a veteran buyer. There is a tremendous amount of potential with this project, and Dawn Properties is a great buyer,” said Shane Soefker, executive vice president and principal at Cushman & Wakefield.
Image Courtesy of Cushman & Wakefield