Michael Lightman Realty Plans $35M Expansion for Apartment Property; $67M Foreclosed Condo Tower Goes On the Market
- May 23, 2014
By Eliza Theiss, Associate Editor
The 901-unit Fieldstone Apartments is set for a $35 million expansion, which will add over 300 units to the 3333 Hacks Road community, making it the largest apartment community in Memphis, reports the Memphis Business Journal.
The community was developed in 1998 and had 324 units at the time. Current owner Michael Lightman Realty Co. purchased Fieldstone 12 years ago and added three more phases. Now the company plans to add three more phases: phase five, which should be completed before the end of the year; phase six, set for a summer 2015 completion; and phase seven, opening in spring 2016. Patton & Taylor Construction has already started construction.
According to The Memphis Daily News, Michael Lightman Realty Co. affiliate Fieldstone Apartments III LLC recently purchased the land the expansion requires. The entity purchased parts of three parcels owned by Clark family trusts managed by William B. Clark Jr. for $1.8 million. Combined, the parcels offer 30 acres of land. Although an exact size of the purchased parts has not been made official, it is reportedly north of 24 acres.
The Fieldstone Apartments currently features amenities such as two swimming pools, a fitness center, clubhouse, courtyards, business center, garages, a laundry facility and controlled access. It comprises one-, two- and three-bedroom units.
In other multifamily news, the hindered 16-story Horizon condominium tower in Downtown Memphis’s South Bluff has hit the market after clearing a staggering 22 lawsuits, reports the Memphis Business Journal. The project has reportedly received a high degree of interest from local and regional investors. Still, its current owners, Capital One NA, Trustmark National Bank, Bank of America and U.S. Bank, are expected to sustain a significant loss on the $67 million luxury project.
The 155-unit failed-condo project at 717 Riverside Drive has sat empty and unfinished since developer The Bryan Co. defaulted on a $58.6 million loan in 2009, following the condo market crash brought on by the Great Recession. The $67 million first phase of Horizon Tower was roughly 85 percent finished by the time work completely halted and the four banks foreclosed.
The property has been listed with Cushman & Wakefield Commercial Advisors and is expected to be converted to apartments upon sale, due to the dynamic activity in that sector.
Image courtesy of Fieldstone Apartments and Cushman & Wakefield