Blake Pera and Steve Rudesill of CB Richard Ellis' Memphis office represented Equity Residential in negotiating the deal with CLK. According to Rudesill, the sale was "part of [Equity Residential's] normal disposition strategy. The transaction went very smoothly and the buyer and seller are very happy," he tells GlobeSt.com. CLK officials were unavailable for comment.

The East Memphis property, Ridgeway Commons, is a 127-unit complex located at 6033 Bangalore in the Cordova/Germantown apartment submarket. The sale price was $5.2 million or nearly $41,000 per unit. The asset has 11 one-bedroom apartments, 77 two-bedrooms, 34 three-bedroom townhouses and five four-bedroom townhouse units. The property was 95% occupied at closing.

Farmington Gates, a 182-unit property at 2216 Brierbrook in Germantown, sold for roughly $9.5 million or just under $52,000 per unit. The 97%-occupied complex has 44 one-bedroom, 102 two-bedroom and 36 three-bedroom units.