(To read more on the multifamily market, click here.)
MEMPHIS-Triple Net Properties closed out 2006 with the acquisition of Trails at Mt. Moriah on behalf of tenant-in-common investors. The 630-unit apartment community traded for $30.5 million. Triple Net declined to reveal the cap rate.
Steven D. Bell was the seller of the multifamily asset located on approximately 31 acres. Trails at Mt. Moriah consists of 22 two-story and 11 three-story buildings, and a separate one-story building housing a fitness center, clubhouse and leasing center. Property amenities include three swimming pools, tennis courts and a sand volleyball court, according to Triple Net.
A Triple Net spokesperson tells GlobeSt.com that the new owners plan to keep Trails at Mt. Moriah as a rental community; it was 90 % occupied at the time of the sale, which closed Dec. 28.
According to Gus Remppies, SVP-Acquisitions, Apartment Properties at Triple Net Properties, Trails at Mt. Moriah was part of a portfolio sale that hit the market in August. Steven D. Bell didn't own any other property in the area and decided to sell. He adds that Triple Net was approached about acquiring the property from Wachovia, the seller's equity partner. Trails at Mt. Moriah is Triple Net's first multifamily buy in the marketplace, but it is open to future opportunities.
The seller was repped by Blake Pera of CB Richard Ellis. Wachovia Bank provided the financing, arranged by Chris Troutman.
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