GMH Capital Partners Acquires Portfolio in Tennessee
- Jan 09, 2008
By Keat Foong, Executive EditorNewton Square, Pa.— GMH Capital Partners has purchased a portfolio of two properties from Fair Oak LLC in Tennessee for an undisclosed price. The properties are: Poplar Place Townhomes, a 220-unit garden-style rental townhouse community in Memphis, Tenn.; and Collier Village Apartments, a 100-unit garden-style rental apartment complex in Collierville, Tenn. “Poplar Place and Collier Village are our first investments in the Memphis area, exemplifying our aggressive investment strategy of acquiring multifamily assets in major markets throughout the United States,” says Gary M. Holloway, Jr., president of GMH Capital Partners. “Our planned upgrades will create more desirable and comfortable places to live, which will strengthen the properties’ values and positions within the marketplace.”GMH Capital Partners plans to enhance the properties with $4 million in capital improvements, including interior unit upgrades consisting of new kitchens, baths, washer and dryer, and appliances, new signage and landscaping, new roofing, and an updated fitness center and pool. The company says the acquisition brings its total number of multifamily units owned and managed to 2,303.