Malvern, Pa.-based national residential real estate investment and management company Balfour Beatty Communities has acquired Preserve at Southwind, a 306-unit apartment community in Memphis, Tenn. Located at 7991 Capilano Drive, the 19-year-old community features one-, two- and three-bedroom units ranging from 700 to 1,434 square feet.
The property has an occupancy rate of 96.4 percent, according to Yardi Matrix.
The acquisition marks the company’s initial foray into the Memphis residential market. To complete the deal, Balfour Beatty Corp. entered into a joint venture with ApexOne Investment Partners and American National Insurance Company. Newmark Knight Frank served as the acquisition broker.
The community is comprised of about 50 percent one-bedroom units, and 25 percent two-bedroom-two-bath apartment homes. The remaining one-quarter of units are about equally divided between one-bedroom with dens and three-bedroom with two baths.
Apartments include built-in desks and bookcases, fireplaces with mantels, gourmet kitchens, masterful bedrooms, and attached private garages. Amenities include a pool, spa and fitness center with cardio machines, billiards room, business center, clubhouse, package service, partial covered parking and controlled access.
Located in the attractive Germantown-Collierville area, Preserve at Southwind provides residents with convenient access to significant employment centers such as FedEx World Headquarters, the World Technology Center and Memphis International Airport.
Balfour Beatty Communities has plans to undertake renovations and upgrades to common areas, amenities and apartment home interiors.
“We are excited to enter the Memphis market with the acquisition of Preserve at Southwind,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The area shows considerable promise for continued growth, creating increasing demand for well-located, quality apartment homes. We look forward to capitalizing on that demand through a series of targeted property renovations and our world-class management services.”
Balfour Beatty Communities will provide property management services as it strives to reposition the apartment community as a best-in-class property serving the influx of professionals employed in the area’s robust business district.
Image courtesy of Yardi Matrix