Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M
By Eliza Theiss, Associate Editor
Riverset, a 500-unit apartment community on Memphis’ Mud Island has just sold in a rare transaction for the downtown Memphis apartment market. According to the Memphis Business Journal, TMF Riverset LLC purchased the asset built between 1988 and 1990 from previous owner Auction Street Associates LP for $43.6 million – about $87,200 per unit. The seller was represented by CBRE’s Memphis Multifamily Division.
According to the property’s website, amenities at Riverset include a business center, conference room, expansive fitness center, multiple swimming pools complete with large sundecks, racquetball court, putting tee, additional storage units, car care center as well as boat parking. Comprised of one- and two-bedroom apartments, Riverset features 11 floor plans. Units range between 630 and 1150 square feet and feature amenities such as patios, sundecks or sunrooms, laundry room and dishwashers.
In other news, Summit hotel Properties LLC sold The Lenox Park Courtyard by Marriott, located on East Kirby Parkway in East Memphis, reports The Memphis Daily News. Wisconsin-based Batra Hospitality Group acquired the asset for $4.2 million via a special warranty deed. The buyer also filed a $4.2 million loan through Liberty Bank in conjunction with the acquisition. The Shelby County Assessor of Property’s appraisal of the hotel was $2.4 million.
Built in 1998, the 51,804-square-foot property is located near the Lenox Park office complex. The 93-key, three-story, hotel boasts 625 square feet of meeting space, a fitness center, whirlpool, outdoor poll , barbeque and picnic area, The Bistro onsite signature restaurant, convenience store, new lobby, Wi-Fi throughout, and onsite parking.
Image courtesy of Riverset Apartments’ Facebook page