Trade Street Residential Pays $44M for Memphis Luxury Apartments
- Jan 24, 2014
Memphis, Tenn.—Florida-based Trade Street Residential Inc. has announced the acquisition of the 330-unit Miller Creek at Germantown luxury apartment community for $43.8 million from LIV Development LLC—formerly known as Red Mountain Development.
To finance the acquisition, Trade Street obtained a $26.3 million 10-year mortgage at a fixed rate of 4.6 percent with three years of interest only payments followed by principal and interest payments based on a 30-year amortization schedule. Further funding was provided with proceeds from the company’s recently completed common stock offering and separate private placement transaction, which yielded gross proceeds of $150 million.
Miller Creek at Germantown, a Class A, investment-grade luxury apartment community was developed by Birmingham, Ala.-based LIV Development LLC, operating as Miller Creek Residences, LLC.
The community, which sprawls on 20 acres within the Forest Hill Heights Planned Development in the Germantown submarket of Memphis, broke ground in July 2012 and completed in September 2013 at a cost of $31 million. The architect for the project was Charlan Brock & Associates, while Robins & Morton provided general contractor services.
Miller Creek comprises 18 buildings containing high-end garden-style apartments and amenities such as a state-of-the-art fitness center, clubhouse complete with teaching kitchen, resort-style pool, outdoor cabanas, gas grilling areas, outdoor fireplace, and a landscaped courtyard. Units feature stainless steel kitchen appliances, brushed nickel plumbing fixtures, nine-foot ceilings and loft-style lighting.
The property was previously managed by the Fogelman Management Group. However, since its sale, Miller Creek has disappeared from the company’s online property roster. Trade Street Residential has its own property management division.
Trade Street Residential announced the same-day acquisition of The Estates at Wake Forest, a 288-unit apartment community located in Wake Forest, N.C. for $37.2 million.
Image courtesy of Robins &Morton