JV Lands $57M Memphis Property
- Oct 05, 2017
Coastal Ridge Real Estate has teamed with H. Katz Capital to acquire The Preserve at Forest Creek, a 414-unit, Class A apartment community in Memphis, Tenn., from Blackstone subsidiary, LivCor, for $56.6 million.
“This is a Class A, well-amenitized property in the best submarket in Memphis,” Patrick McBride, Coastal Ridge Real Estate’s managing partner, told MHN. “Coastal Ridge Real Estate saw the opportunity to invest in upgrades to enhance the property and resident experience.”
The transaction is the firm’s first in the state of Tennessee and its 17th overall teaming with H. Katz Capital.
The Preserve at Forest Creek consists of 108 one-bedroom/one-bathroom units, 246 two-bedroom/two-bathroom units and 60 three-bedroom/two bathroom units. All units feature wood and tile floors, crown molding, maple cabinets, nine-foot ceilings, Roman style tubs, marble bath vanities, private patios/balconies and washers/dryers.
According to McBride, Coastal Ridge is a Class A multifamily owner and operator that strives to offer its residents best-in-class living accommodations.
“This property, particularly with our capital investment improvement plans, absolutely delivers on this core philosophy,” he said. “Preserve at Forest Creek offers a resort style swimming pool, indoor basketball court, tennis court, gym, club house and dog park.”
Other amenities include a state-of-the-art fitness center, spacious clubhouse with a bar, a playground and detached garages.
Originally constructed in 2008, the property is situated at the entrance to the Nonconnah Technology Corridor, just one mile from the FedEx corporate headquarters in the thriving Collierville/Germantown submarket.
“In our opinion, the location really drove the appeal of the Preserve at Forest Creek,” McBride said. “The Germantown/Collierville market is a thriving suburb of Memphis that continues to grow with strong economic fundamentals.”
The new owners plan to invest $2 million over the next 24 months to update the clubhouse and all 414 units.
Coastal Ridge’s portfolio now boasts approximately 11,000 student housing beds and 3,000 conventional apartment units across the U.S.