Villas at Cordova Fetches $19.3 Million
- Apr 20, 2012
Villas at Cordova, an apartment home community in Cordova, Tenn., has been purchased by Los Angeles-based QVT Mount Auburn Capital LP for $19.3 million. Working under the name Memphis Villas LLC, the entity bought the property from GECMC 2006-C1 Prestine Loop LLC, an affiliate of special service lender LNR Properties LLC. According to the Shelby County Assessor of Property, the community is worth $18.1 million.
Located on 17.29 acres at the intersection of Macon and Cully roads at 8546 Prestine Loop, Villas at Cordova has 256 units. The 345,883-square-foot, Class A complex was built in 2003 and features a resident business center, fitness center, swimming pool, maintenance team, car garages and landscaped courtyards. Individual units feature private balconies or patios, central air conditioning and additional storage.
According to The Memphis Daily News, GECMC 2006-C1 Prestine Loop bought the property in May 2011 for $14.2 million from substitute trustee Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, this following the property’s foreclosure due to previous owner Empirian Cordova LLC defaulting on a $24.2 million loan.
Villas at Cordova was one of three Memphis-area multifamily properties that Cushman & Wakefield’s Atlanta-based subsidiary, Multifamily Investment Sales Group, announced it would be selling in March in an online auction via Auction.com. Villas at Cordova was listed with a starting price of $8 million. The other properties were the 320-unit Waterford Place at 8037 Waterford Circle and the 252-unit Colonnade at Germantown, the latter of which the LNR-related entity sold for $23.1 million to New York-based Sentinel Investment Group, as previously reported.
QVT Mount Auburn Capital focuses on purchasing both performing and non-performing loans and assets, seeking investments that offer superior risk adjusted return.
Photo courtesy of Villas at Cordova’s Facebook Page