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Dec. 12, 2012

Foxwood Apartments and Kensington Manor Apartments Sold in Memphis

By Eliza Theiss, Associate Editor

Multifamily in Greater Memphis has been experiencing a fair amount of activity as of late, with two apartment communities trading in just a few days’ time. One of these communities is the 220-unit Foxwood Apartments—located in the Bill Morris Parkway High-Tech Corridor submarket of the Bluff City.

The 1972-built multifamily property was purchased for $2.27 million by Resource Real Estate Opportunity REIT. The 30-building development offers 212,000 square feet of leasable area, and community amenities include a fitness center, swimming pool, tennis courts, playground, clubhouse and onsite leasing office.

Foxwood Apartments is located conveniently close to I-240 and Nonconnah Parkway, placing the community in proximity to major employmers such as FedEx World, Technicolor, Nike, Lenox Corporate Park and the Nonconnah Technology Corridor.

Resource Real Estate Opportunity acquired Foxwood Apartments along with Park Forest Apartments in Oklahoma City, Okla. The company paid $2.05 million for Park Forest, and both properties were bank-owned as they were previously foreclosed upon.

In other multifamily news, the 570-unit Kensington Manor Apartments has also been picked up. According to the Memphis Daily News, the 2893 Getwell Rd. property was purchased by Memphis Heights LLC of Miami Beach, Fla. for $2.2 million.

The 570-unit community covers 29.19 acres in Memphis’ Oakhaven submarket and has 545,790 square feet of leasable area. The Class D garden-style property was developed in 1973. According to various sources, the property features one-, two-, three- and four-bedroom units with air conditioning, dishwasher and a walk-in closet, while community amenities include a swimming pool, playground and laundry facility.

The property was sold in a special warranty deed, as it went into foreclosure and bankruptcy in 2009 after its previous owner, Tennessee Bay Kensington Manor LP of Irving, Tex., defaulted on a $12.3 million loan. LEDIC Management Group LLC acted as court-appointed receiver for California Bank & Trust and the seller.

Photo courtesy of loopnet.com

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