The Chetrit Group Sells Apartment Portfolio in Memphis for $33.1M
Capstone Realty and Management was the buyer.
The Chetrit Group has sold a three property portfolio in Memphis, Tennessee with 802 units to Capstone Realty and Management for $33.1 million.
Rosewood Realty Group, led by founder and CEO Aaron Jungreis, represented both the seller and the buyer.
The portfolio consists of three, two-story properties built in the 1970′s: The Lakes at Ridgeway, at 5995 Waterstone Oak Way with 374 units and 759 on-site parking spaces; Stonegate Apartments at 4500 Stonegate Drive with 208 units and 425 parking spots and The Reserve at Mount Moriah at 2778 Pickering Drive with 220 units and 450 parking spots.
The properties feature renovated units, swimming pools, picnic areas with grills, a dog park, clubhouse and greenspaces.
Earlier this year it was reported that The Chetrit Group is selling off properties across the country as it faces default on a $481 million loan covering 43 properties.