Oakhaven Apartments Sold for $2.5M; Owner Files $22M Loan on Collierville Community

Somerset Park Apartment Homes, a 496-unit apartment community in Oakhaven has been recently sold for $2.5 million

By Eliza Theiss, Associate Editor

Somerset Park Apartment Homes, a 496-unit apartment community in Oakhaven, has recently been sold for $2.5 million, reports The Memphis Daily News. Memphis Winset LLC purchased the asset from JMC Memphis LLC.

The seller had picked up the property for $1.7 million in late 2012 from Investment Australia LLC. Memphis Winset filed a $2.5 million loan through the seller in conjunction with the purchase.

The 1972-built Class D apartment complex totals around 500,000 square feet on 24.5 acres divided into four parcels. Located at the corner of Winchester and Tchulahoma roads, it had a $1.9 million value, according to county assessor data cited by The Memphis Daily News.

Westbrook Crossing

In other news, Memphis Crossing GP, owner of the Westbrook Crossing apartment community in Collierville, filed a $22 million loan on the property, reports The Memphis Daily News. The owner filed the deed of trust through Monumental Life Insurance Co. Financial Federal Bank Executive Vice President Rick Wood arranged the loan on behalf of Milton Grant, Westbrook Crossing’s managing partner.

Located at 525 Shea Road, the 2013-built community sits on 25 acres. According to The Memphis Daily News, the Shelby County Assessor of Property’s 2013 valuation was of $17.3 million.

According to rent.com, Westbrook Crossing comprises 227 units. The Collierville community features one- and two-bedroom single story apartments with one- or two-car garages. Units range between 755 square feet and 1,142 square feet and rent at rates between $1,050 and $1,600. Unit amenities include a six-foot covered porch, walk-in closets, full-size washers and dryers, granite countertops, garden-style tubs and private driveways.

Community amenities include 24-hour business center, two 24-hour resident movie theaters, pool with sundeck, resident party room, business center and access to Greenbelt Walking Trails. Westbrook Crossing is only one block away from Carriage Crossing Mall and has easy access to Highway 385.

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Image courtesy of Westbrook Crossing Apartments via Facebook