Lincoln at Wolfchase Sold for $27.75M; Ike’s for $9.5M
- Jun 08, 2012
The 408-unit Lincoln at Wolfchase Apartments in Cordova has been recently purchased for $27.75 million, or $66,789 per unit, reports the Memphis Business Journal. Irving, Texas-based investment management firm Archon Group LP, working under the name MLQ-ELD LLC, purchased the asset from Lincoln at Wolfchase Associates LLC.
Located at 8230 Rockcreek Pkwy., the Lincoln at Wolfchase boasts 380,670 square feet of property that break down into 18 two- and three-story apartment buildings. Buildings are made up of one-, two- and three-bedroom units. Units range between 684 and 1,250 square feet, which rent from $685 to $1,250 per month. The apartment complex was built in 1998.
Archon is an affiliate of The Goldman Sachs Group, Inc.
In Memphis, Ike’s drug store and three adjacent vacant parcels were purchased by a Florida-based entity working under the name WG Memphis LLC. It paid a total of $9.5 million to former owner, LAF Brothers Properties LLC of Little Rock, Ark., reports The Memphis Daily News.
The properties are bounded by Union Avenue, South Cooper Street and Summit Street. The vacant lots total about 2.4 acres, while the former drugstore building has 27,800 square feet. It was built in 1950.
LAF Brothers purchased the Ike’s property in November 2011 for $500,000 and paid $3.7 million in 2010 for the vacant lots around it. The $9.5 million all four properties fetched seems to have turned a good profit, as the Shelby County Assessor of Property appraised the overall area for a combined value of $3.9 million.
Photo credit: Lincoln at Wolfchase Apartments’ Facebook Page