Mississippi Apartment Community Transacts For $8.2M
- Jan 26, 2016
Horn Lake, Miss.—Maxus Realty Trust has acquired Mallard Creek, a 144-unit apartment community located in Horn Lake, Miss., from The Park Companies for $8.2 million.
Multi Housing Advisors represented the seller in the transaction of the 166,000-square-foot property.
“Mallard Creek has a viable location in DeSoto County with attractive construction characteristics such as brick siding and a 9-foot ceiling,” Jimmy Adams, MHA’s managing director, told MHN. “Economically, a very attractive HUD mortgage was assumed as part of the sale.”
Mallard Creek offers a comprehensive amenity package that features a swimming pool, fitness center, and central laundry facility. Distinct interior amenities include washer/dryer connections, large closets, balconies, and ceiling fans.
Originally constructed in 1998, Mallard Creek maintains excellent positioning off Goodman Road, one of the area’s busiest thoroughfares.
According to Adams, the property’s submarket has showed positive trends in rental dynamics that are expected to continue.
“Horn Lake and Southaven, MS are very attractive bedroom communities of Memphis with job and retail support,” he said. “The new owners will be spending money on the physical portion of the property and trying to economize operations.”
Craig Hey of MHA’s Birmingham office joined Adams in representing The Park Companies in the sale.