McNeill Commercial Starts Preparations for $150M M-U Development in Germantown; Independence Realty Trust Acquires Cordova’s Property
- Sep 26, 2014
McNeill Commercial Real Estate recently acquired 19 acres of land in Germantown for the development of a $150 million mixed-use complex. The project, carrying the name Thornwood, will be located at the northeast corner of Neshoba Road and South Germantown Road, according to the Memphis Business Journal.
Thornwood will comprise 500 condominium units, a 5,000-square-foot Bob Richards Jewelers, a four-story Hampton Inn & Suites and 55,000 square feet of additional retail space. The land was acquired through two deals for $6.6 million – the first deal was carried out by Owen Investments LP, while the second one was completed by a group of owners, Agnes and Jay Brooks and Catherine and Pat Wilcheck.
According to research data from RealPage, Memphis has generally continued to lack in multifamily appeal, unlike other Tennessee metros, but certain improvements have been observed regarding middle-tier units. Throughout 2014’s second quarter, Memphis also recorded a two-year high in demand, which lead to a 92 percent occupancy rate.
In other real estate news, Independence Realty Trust, a Philadelphia-based REIT, acquired The Stonebridge Crossing apartment complex in Cordova for $29.8 million. The multifamily asset was built in 1994 and 1995, and it is located between Fletcher Trace Parkway and Berryhill Road. With rent per unit averaging at $707, the apartment complex maintains a high occupancy rate – 95 percent as of September, 2014, according to the Memphis Daily News.