The Preserve at Southwind Sold for $22.2M; FAA/Memphis International Airport Complete $72M High-Tech Tower
- Oct 28, 2011
Memphis-based Fogelman Venture Partners has teamed up with DRA Advisors LLC, a New York company holding over $9 billion in assets under management, to purchase the Preserve at Southwind for $22.2 million.
The 306-unit residential community is located at 7991 Capilano Drive and was 96 percent occupied at the time of acquisition. It includes one-, two- and three-bedroom apartment units, ranging from 700 to 1,434 square feet and features amenities such as a business center, clubhouse, covered parking, gated access, a fitness center and a swimming pool. Fogelman Management Group will continue to manage the property.
“When we learned that the prior owner had decided to sell the property, we felt this was a great opportunity to acquire an asset that we already knew extremely well, and one that we believe has much more operational upside in the years ahead,” Rick Fogelman of Fogelman Properties told the Memphis Business Journal.
This is not the first time the two companies have worked together on a project. Earlier this year, Fogelman and DRA Advisors entered a joint venture to acquire the Orchards of Collierville, a 226-unit apartment community at 400 Orchard Cicle W, for $15.7 million. The partnership also purchased Legacy Key Apartments, a 350-unit complex in Sandy Springs, Ga., for $17.3 million.
In other news, the Commercial Appeal reports that the Chisca Hotel might be soon transformed into an apartment complex, if the property’s current owner, Church of God in Christ (COGIC) finalizes the deal. While complete details have not been yet disclosed, the sales contract was confirmed by the broker representing COGIC. The Chisca Hotel stands eight stories tall at 272 South Main and it’s renowned for launching Elvis Presley’s career.
In other news, Memphis International Airport and the Federal Aviation Administration held the dedication ceremony for the new 14-story, 336-foot air traffic control tower. The $72 million high-tech tower is the third-tallest in the U.S., behind those in Atlanta and Orlando, according to the Memphis Business Journal.