The Colonnade at Germantown Purchased for $23.1M; Cleaborn Point Breaks Ground
- Apr 13, 2012
New York-based Sentinel Real Estate Corp. has purchased The Colonnade at Germantown for $23.1 million, or $91,666 per unit, in an online auction. Operating under the name VA Germantown LLC, Sentinel secured the 252-unit property at 7491 Wyndhurst Place far above the starting bid of $9 million, reports the Memphis Business Journal.
Built in 1996, The Colonnade at Germantown garden-style apartment community features one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, two pools with sundecks, two tennis courts, an onsite business center, a play area, covered parking, a club house, walk-in closets and laundry facilities.
The property was part of a larger online auction from Atlanta-based Multifamily Investment Sales Group, a subsidiary of Cushman & Wakefield. The auction, held via Auction.com, offered up for sale two other Memphis multifamily properties: the 256-unit Villas at Cordova at 8546 Prestine Loop and 320-unit Waterford Place at 8037 Waterford Circle. There were an additional 59 nationwide properties up for sale.
Formed in 1969, Sentinel provides real estate investment management services for real estate property portfolios valued at a total of $4.5 billion in 28 states. The 157 properties managed by Sentinel range from multifamily rental properties to office buildings, industrial facilities and shopping centers, with multifamily properties comprising 89 percent of the current direct assets under the company’s management. Sentinel owns several other apartment properties in the Memphis area.
In other multifamily news, The Memphis Daily News reports that ground was broken on the first phase of Cleaborn Point at Heritage Landing, a mixed-income development. The 400-unit development is to replace the 650 units sprawled over 27 acres that used to be Cleaborn Homes, a public housing development. The new project will have market-value housing mixed with subsidized and affordable housing.
The first phase of the project is an 82-unit senior rental apartment house. Phase two will develop family rental properties. Funding for Cleaborn Point will be provided through five HOPE VI federal grants. City officials hope to secure one more grant to demolish adjacent Foote Homes, the Bluff City’s last large public housing property.
Photo credit: The Colonnade at Germantown’s Facebook page