The Madison at Schilling Farms Goes for $32.1M; Bailey Creek for $23.8M
- Jun 29, 2012
By Eliza Theiss, Associate Editor
New York-based Somerset Partners LLC recently purchased the 232-unit Class A Bailey Creek Apartments for $23.8 million, or $102,586 per unit, reports the Memphis Business Journal. Located at 1907 North Bailey Woods Dr. in Collierville, Bailey Creek features one-, two and three-bedroom apartments with one or two bathrooms and floor plans ranging between 811 and 1,369 square feet.
The apartments are outfitted with air conditioning, ceiling fans, fire places, microwave, a laundry room and a balcony, patio or deck—depending on the floor plan. Units are also handicap-accessible and come with the option of extra storage.
Community amenities include a business center, swimming pool, playground, fitness center, tennis court and picnic area. There are different recreational areas and a lake at the apartment complex, as well as garages. The community also has a controlled access gate.
The property is managed through Memphis-based Somerset Apartment Management. It is Somerset’s second multifamily property in Collierville and its fourth in the Memphis area.
Somerset Partners operated under the name Bailey Creek Associates LLC for the purchase of the community from G&I IV Bailey Creek LP, a joint-venture between DRA Advisors of New York and Memphis-based apartment community operator Fogelman Properties.
The Memphis Business Journal also reports another sale made by a Fogelman and DRA joint-venture. This time operating under the name G&I IV Madison LP, the entity sold The Madison at Schilling Farms Apartments for $32.1 million, or $99,074 per unit, to Torrance, Calif.-based Arenda Capital Management LLC. The buyer operated under the name Madison 423 LLC. G&I IV Madison LP bought The Madison and Bailey Creek together in 2003 for a reported $38.3 million.
Located at 160 Madison Farms Ln. in Collierville, the community boasts 324 one-, two- and three-bedroom units. The Class A community’s amenities include a business center, fitness center, tennis court, swimming pools and a playground.
Individual units feature air conditioning, a balcony or patio, dishwasher, refrigerator, microwave, fireplace, over-sized closets and carports. The Madison is wheelchair accessible and also features furnished units and garages, as well as sporting access to public transportation.
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Photo Courtesy of Bailey Creek Apartments’ Facebook profile