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Memphis-Area Multifamily Assets Sell for $14.6M

EAST MEMPHIS-Together, the two apartment communities comprise 309 units. The seller is Chicago's Equity Residential Properties. CLK Realty in New York City purchased the properties.

By Glen Thompson | Updated on December 30, 2002

EAST MEMPHIS-Two apartment communities, one here and one in nearby Germantown, have been sold by Chicago’s Equity Residential Properties Trust in a $14.6-million deal. CLK Realty of New York City purchased the properties, which comprise an aggregate 309 units.

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.

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