Waterford Place Apartments, Memphis Airport Hotel & Conference Center Bought Out of Foreclosure
- Aug 19, 2011
The Memphis housing market shows signs of a recovery as home sales improve month after month. Yet foreclosures still bring about the best investment opportunities, especially in the multifamily sector as the general economic trend continues to favor renting rather than buying.
An entity affiliated with LNR Property LLC, a market leader in commercial properties development headquartered in Miami Beach, Fla., recently acquired Waterford Place Apartments, a 320-unit community located at 8037 Waterford Circle. The Class A community was bought for $18.2 million from Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC, in a substitute trustee’s sale following a foreclosure, according to the Daily News. The residential community built in 2001 on 27.9 acres had been property of Empirian Waterford LLC and Flushing Waterford LLC until earlier this year when the venture defaulted on a $54.6 million loan through Deutsche Banc Mortgage Capital LLC.
Also following a foreclosure action, Memphis Airport Hotel & Conference Center was sold to N.J.-based Alpha Hospitality Ventures LLC for $4.4 million by Lloyd C. Kirkland, acting as substitute trustee. Its last owner, Riya Parikh Memphis LLC, had bought the lodging facility for almost double the price—$8.3 million—in May 2008 but defaulted on a $12.8 million loan through PNC Bank NA.
The 270,000-square-foot property that sits on 7.6 acres in Nonconnah Corporate Center was built in 1974 and features 374 guest rooms, a health club, fitness facility and 33,000 square feet of event space. It is located near the Memphis International Airport and Elvis’ Graceland.
Office and retail real estate on the other hand flourishes downtown as tenants continue to pour into One Commerce Square. Independent Bank has inked a lease to open a branch in the lobby of the 30-story skyscraper and occupy additional space on the 23rd floor for its financial planning division, thus joining other major corporate clients such as Pinnacle Airlines Corp., Great American Steamboat Co. and Electrolux. The recent leases bring the occupancy rate up to 80 percent, as reported by the Daily News.