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Investors Take Multifamily Asset for $30M Plus

MEMPHIS-Triple Net Properties acquires the 630-unit Trails at Mt. Moriah on behalf of tenant-in-common investors. The asset will remain a rental property.

By Melissa Kress | Updated on January 08, 2007

(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.

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