Country Oaks Sold for $6.7M; Arbor Hickory Hill Goes for $10M
- Jun 22, 2012
The Memphis multifamily market’s southeastern subdivision seems to have picked up as the 200-unit Country Oaks Apartments at 3865 Kirby Pkwy. in Hickory Hill recently sold for $6.7 million to LCP Memphis LLC, reports The Memphis Daily news. The New Jersey-based company bought the property at a price of $33,700 per unit from Atlanta-based SATCA Ltd., the entity that purchased the property in 2005 for a price only slightly lower—at $6.5 million.
LCP Memphis filed a $5.6 million multifamily loan through Wells Fargo Bank to finance the purchase. Country Oaks is a Class C, 10.3-acre multifamily complex just a quarter mile south of Winchester. The Shelby County Assessor of Property’s 2012 appraisal for the property is $6.1 million.
In other multifamily news, the Memphis Business Journal reported the $10 million sale of the 348-unit Arbor Hickory Hill multifamily community in the same southeastern subdivision of Memphis. Operating under the name GMF-Arbors LLC, Global Ministries Fellowship purchased the multifamily complex located on Knight Arnold Road for $10 million, or $28,735 per unit.
Arbor Hickory Hill, located at 6205 Knight Arnold Rd. and 6249 Knight Arnold Rd., was developed by Trammell Crow over 20 years ago. The multifamily property features 348 walk-up style apartments.
Within its capital financing plan, GMF assumed existing outstanding housing revenue bonds previously issued by the Shelby County Health, Educational, and Housing Facilities Board, as the Arbor will be turned into affordable housing. Future residents have to earn no more than 80 percent of the area’s median income.
Global Ministries Fellowship of Cordova is a faith-based relief agency and affordable housing developer founded in 2003. It owns and operates over 5,200 low-to-moderate affordable housing units nationwide, including several other multifamily properties in the Memphis area.
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Photo credit: homes.com