Alterra Capital Group Completes Renovations on Three Properties in Memphis
- Jan 11, 2008
By Matthew Marin, Associate EditorMemphis, Tenn.–Alterra Capital Group, a privately held real estate investment company based in Miami, has completed $4.7-million renovations on three of its multifamily communities in Memphis: Corner Park, Winbranch Apartments and Parkview Apartments. “As we expand our presence in key markets, it is important we maintain a consistent image,” says Matt Papunen, company principal of Alterra Capital Group. “Delivering all these units at one time allows us to leverage our size by making a statement about our commitment to the area while providing the market with a large volume of rehabilitated inventory that raises the standard of living there.” Corner Park comprise 18.7 acres with 18 two-story buildings and 200 units. The $2.1 million renovation included extensive site work, landscaping and amenity upgrades including a new soccer field, sand volleyball court, new clubhouse, new pool and pool deck, picnic and barbeque area, and new laundry rooms. Additionally, interiors were upgraded with new appliance packages, new carpet and cabinet repair and/or replacement. The previous occupancy rate when acquired by Alterra was 9 percent; the community now boasts an occupancy rate of 43 percent. Renovations began in December 2006.Winbranch Apartments consists of 460 units located in 33 buildings and a HOPE Center over 25.5 acres. The $400,000 renovation included extensive site work, landscaping, new signage, breezeway repairs and siding repairs. Additionally, there is a new leasing office/clubhouse, business center, and fitness center; and the basketball court, tennis court, pool, and laundry center were renovated. Renovations began in May. Parkview Apartments features 30 two-story buildings with 384 units on a 22.6-acre site. The $2.2-million renovation included extensive exterior work encompassing new siding, roofing, lighting as well signage, landscaping, and amenity upgrades including: a new leasing center/clubhouse, a business center, renovated tennis courts and pool/pool deck. Interiors were upgraded with new appliance packages, new carpet, and cabinet repair and/or replacement. The previous occupancy rate when acquired by Alterra was 29 percent; the community now boasts an occupancy rate of 70 percent. Renovations began in January.