CAPREIT Acquires Memphis-Area Apartments
The 430-unit Legacy Crossing comprises one-, two- and three-bedroom affordable apartments ranging from 711 to 1,063 square feet. The company plans on making upgrades to the units.
By IvyLee Rosario
CAPREIT acquired Legacy Crossing, an apartment community in the Southaven, Miss., suburb of Memphis. The company plans on renovating the community and implementing upgrades to select units.
Located at 7560 Chesteridge Ave., the 430-unit community comprises one-, two- and three-bedroom apartments ranging from 711 to 1,063 square feet across 118 one-story buildings. Interior features include vaulted ceilings with lighted fans, central heat and air, washer and dryer connections and spacious closets. Residents have access to amenities such as outside enclosed storage spaces, a clubhouse, 860 parking spaces offering two per unit, multiple laundry facilities, a playground and three pools. CAPREIT will make updates throughout the pet-friendly property in the form of new cabinets, appliances, countertops and sheet vinyl flooring in the living areas, kitchens, entryways and bathrooms.
“Legacy Crossing is an affordable community positioned on excellent property that is ripe to be improved,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company’s improvements to the property will make a positive impact on the local schools and children who attend them.”
The community is located 30 minutes from downtown Memphis and offers easy access to Route 51 and 61, Interstate 40, 69, 55 and 240, and is a 15 minute drive from Memphis International Airport. Major employers in the area include AutoZone, FedEx and the International Paper Co. Legacy Crossing is in close proximity to attractions such as the Southaven Towne Center, Casino Tunica, Tanger Outlet Mall, Graceland and Mississippi River Park, Arena at Southaven Expo Center, Snowden Grove Amphitheater and FedEx Forum and Landers Center.
“We’re enamored with the well-positioned location of Legacy Crossing, and we believe our upgrades will make it one of the most desirable workforce housing options in the area,” Majev told Multi-Housing News. “We intend not only to create a comfortable living experience for our residents, but to be a good neighbor and make a positive impact in the local community.”
Image courtesy of CAPREIT