Property Asset Management Affiliates Purchase Property, Files Loan in Memphis Market

Collier Village Apartments, a 100-unit Class C multifamily property in Collierville has sold for $4.4 million

Collier Village Apartments

Collier Village Apartments, a 100-unit Class C multifamily property in Collierville, has sold for $4.4 million, reports The Memphis Daily News. The 365 Center Street property was picked up by an affiliate of Salt Lake City-based Property Asset Management Inc.

Identified as Collier Village Apartments Utah LLC, the buyer acquired the townhouse-style apartment community from Collier Village Associates LLC via a special warranty deed, assuming the seller’s $3.8 million filed through Berkadia Commercial Mortgage LLC. According to real estate website PropertyShark.com, the previous owner bought the property in 2007 for $4.2 million. PropertyShark gauged the property’s total market value at almost $2.6 million.

Information on the real estate website also shows that Collier Village Apartments was built in 1975 and occupies 4.7 acres. It consists of nine buildings each comprising 10 to 12 housing units of one- or two-bedroom configurations. One-bedroom units offer 710 square feet of space, while two-bedroom apartments have 880-square-foot or 910-square-foot floor plans. Collier Village amenities include a pool, children’s playground and off street parking.

According to the Memphis Business Journal, CBRE Memphis’ multifamily division brokered the deal.

In other news, Hickory Hills LLC, an entity managed by Salt Lake City-based Property Asset Management Inc., has filed a $3.3 million loan, reports The Memphis Daily News. The LLC, owner of the 96-unit Hickory Hills apartment complex, filed the loan through Walker & Dunlop LLC.

Located on Graceland Drive, the C Class property was built between 1967 and 1968. The community comprises two- and three-bedroom apartment with porches, patios or balconies and a clubhouse, according to PropertyShark.com. The website assesses the market value of the community at a little over $2.5 million.

Image credits: Collier Village Apartments via Facebook