Timberland Partners Acquires 2 Memphis-Area Properties
- May 15, 2019
Timberland Partners has purchased Savannah Creek in Southaven, Miss., and The DeSoto, in Horn Lake, Miss., both suburbs of Memphis, Tenn. The assets represent the second and third properties Timberland owns in the Memphis area. The firm’s portfolio now totaling 14,966 units in 15 states.
Savannah Creek is a 204-unit apartment community funded by a combination of 1031 tax-deferred exchange proceeds and a new ownership partnership. Built in 1989, it is a Class B property featuring one-, two- and three-bedroom apartments. Amenities include a grilling pavilion, two outdoor pools, a fitness center and off-leash dog park. Apartments have been renovated and include stainless steel appliances, granite countertops, glass tile backsplashes and fireplaces.
The DeSoto is a 253-unit property funded by single asset entity. It is a Class B property constructed in 1991, also featuring one-, two- and three-bedroom floorplans. Amenities include two outdoor pools, an off-leash dog park and clubhouse. Renovated units feature stainless steel appliances, granite countertops, and wood-type floors.
Also anticipated are both interior and exterior renovations, which will include the common areas, landscaping and lighting upgrades.
Timberland Partners has been involved in transactions involving multifamily properties in Arkansas, Oklahoma, Nebraska, Missouri, Minnesota and Tennessee. In March, the firm purchased the 535-unit Sullivan Square, based in Bentonville, Ark., and the 232-unit Parkway Lakeside in O’Fallon, Ill.