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312-Unit Apartment Complex Changes Hands

CORDOVA, TN-An investment company out of Denver picks up the Appling Lakes Apartments here for about $27.5 million. The property is adjacent to the Cordova Country Club.

By Brian K. Miller | Updated on March 30, 2005

CORDOVA, TN-The Appling Lakes Apartments here are under new ownership. An entity of Denver-based Sagebrush Realty Investors acquired the 312-unit garden-style community for approximately $27.5 million.Appling Lakes was built in 1997 with a net-rentable area of more than 354,000 sf. Located near Memphis at 1392 Equestrian Dr., Appling Lakes sits adjacent to the Cordova Country Club and a short distance from the upscale Germantown Road retail corridor.Sagebrush financed the acquisition with a $22.1-million loan from Wachovia Securities. Terms of the financing include a seven-year loan term at 80% of value with two years of interest-only amortization at a fixed interest rate of 5.15%.Eric Tupler, senior director of LJ Melody’s Denver office, in conjunction with Jim Beaty, a senior director with LJ Melody’s Memphis office, sourced the funding. Tupler was not available Wednesday for comment, and neither was anyone with Sagebrush.Sagebrush acquired the asset with various tenant-in-common investors. The purchase increases its multifamily portfolio to about 2,500 units.

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