Up-and-coming Real Estate Firm Acquires Apartment Community in Memphis
- Apr 03, 2015
An affiliate belonging to Michigan-based ROCO Real Estate recently acquired The Woods at Ridgeway Apartment Homes for $18.5 million. The Woods at Ridgeway is a 568-unit apartment community located at 6277 Lake Arbor Drive in Memphis, Tenn.
The asset was sold by RRE Wyndridge Holdings L.L.C., according to the Memphis Business Journal. Developed in 1989, the apartment community offers one-, two- and three-bedroom units, which range in size from 570 to 1,314 square feet.
Amenities include walk-in closets, balconies, patios, vaulted ceilings, updated kitchens and in-unit climate control. At their convenience, residents also have access to two salt water swimming pools, a fitness center and a sports court, a movie theater, a club house and a business center.
As Commercial Property Executive reported, ROCO Real Estate was founded in early 2012 by the Colman brothers, David and Michael, and their longtime friend Tyler Ross. In just two years, the three principals managed to grow the company’s portfolio to over 10,000 units, representing a fair market value of more than $425 million.
Image Courtesy of ROCO Real Estate via Official Website