Waterford Place Sold for $21.5M; Highland Meadows Goes for $5.54M

By Eliza Theiss, Associate Editor Waterford Place has been purchased for $21.475 million, or $67,093 per unit, by Winthrop Realty Trust via WRT-Waterford Place LLC, an entity affiliated with the Boston-based investment trust. Waterford Place, a 320-unit, Class A apartment complex, is situated on 27.9 acres at 8037 Waterford Circle in the Germantown/Collierville submarket of [...]

Waterford Place has been purchased for $21.475 million, or $67,093 per unit, by Winthrop Realty Trust via WRT-Waterford Place LLC, an entity affiliated with the Boston-based investment trust.

Waterford Place, a 320-unit, Class A apartment complex, is situated on 27.9 acres at 8037 Waterford Circle in the Germantown/Collierville submarket of Memphis. Property amenities include two pools, a tennis court, fitness center, onsite business center, laundry facility and club house. Individual units feature walk-in closets and private patios or balconies. The apartment complex is currently 87 percent occupied.

GECMC 2006-C1 Waterford Circle LLC, an entity affiliated with LNR Partners LLC, a subsidiary of Miami-based LNR Property LLC, was the seller. The same entity bought Waterford Place in May 2011 for $18.2 million following a foreclosure from substitute trustee Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC. Its previous owners, Empirian Waterford LLC and Flushing Waterford LLC, defaulted on a $54.6 million loan, according to The Memphis Daily News.

LNR Partners’ affiliates also purchased and sold another Empirian property—the Villas at Cordova—now owned by Los Angeles-based QVT Mount Auburn Capital LP.

Winthrop Realty Trust is a publicly traded real estate investment trust focusing on high-risk adjusted return by acquiring assets that are undervalued or have potential for superior growth.

In other multifamily news, the Memphis Business Journal reported the acquisition of the 600-unit Highland Meadows apartment complex by New York-based Highland Meadows Partners LLC for $5.54 million, or $9.233 per unit. The 1975-built apartment community is located at 5045 Airways Boulevard in the West Winchester submarket of Memphis.

Formerly known as Waterford Pointe, the apartment community sits on 36.9 acres, three miles from Memphis International Airport. It features one- and two-bedroom units, and amenities include a fitness center, swimming pool, tennis court, clubhouse and onsite business center.

CBRE Memphis’ Multifamily division represented the seller, the lender that foreclosed on the property.

Photo courtesy of Waterford Place’s Facebook Page