Makowski Ringel Starts $24.6M Apartment Project in Traditional-Style Master-Planned Community14 Jun 2013, 10:44 pm
By Eliza Theiss, Associate Editor
Shilling Farms, the 443-acre Collierville master-planned development of Boyle Investment Co., is about to become one apartment complex richer. According to The Memphis Daily News, Makowsky Ringel Greenberg LLC (MRG), one of the city’s most prominent property developers and managers, has broken ground on a new luxury multifamily development.
Dubbed The Signature, the $24.6 million luxury apartment community will be developed on 18-acre lot on the North Side of Winchester Blvd. and to the west of Shilling Blvd. MRG has owned the property since 2008 but has been waiting for market conditions to stabilize before beginning development on its high-end project. The Signature is set to feature a total of 251 residences. Units will include one-, two- and three-bedroom apartments, all with larger than average floor plans. The Fleming/Associates/Architects designed development is set to wrap up in spring 2014.
MRG is funding development with a $24.6 million construction loan filed through First Tennessee Bank NA.
According to an earlier press release, The Signature was to cost $27 million to develop and would have featured 253 units comprised of one-, two- and three-bedroom apartments, as well as townhomes. Among the amenities to be featured at The Signature was a fitness center, pool, green space as well as garages and balconies.
The project is the first apartment complex to be built inside Shilling farms in the past 12 years. Existing multifamily communities at the location include The Madison at Schillings Farms apartment community, the $13 million The Carrington, a five-acre neighborhood corner consisting of apartments, lofts and townhomes and street-level retail currently under development, as well as the $24 million 368-unit Legacy Farm.
The master-planned Shilling Farms community aims to offer the charm, sense of community and walkability of a small southern town. Its developments and neighborhoods are executed in historic Collierville-inspired architecture. The property features both single and multifamily residential properties, as well as commercial space, such as retail, restaurant, office, educational and medical.
Image courtesy of Boyle Investment Co.
Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M7 Jun 2013, 8:29 pm
By Eliza Theiss, Associate Editor
Riverset, a 500-unit apartment community on Memphis’ Mud Island has just sold in a rare transaction for the downtown Memphis apartment market. According to the Memphis Business Journal, TMF Riverset LLC purchased the asset built between 1988 and 1990 from previous owner Auction Street Associates LP for $43.6 million – about $87,200 per unit. The seller was represented by CBRE’s Memphis Multifamily Division.
According to the property’s website, amenities at Riverset include a business center, conference room, expansive fitness center, multiple swimming pools complete with large sundecks, racquetball court, putting tee, additional storage units, car care center as well as boat parking. Comprised of one- and two-bedroom apartments, Riverset features 11 floor plans. Units range between 630 and 1150 square feet and feature amenities such as patios, sundecks or sunrooms, laundry room and dishwashers.
In other news, Summit hotel Properties LLC sold The Lenox Park Courtyard by Marriott, located on East Kirby Parkway in East Memphis, reports The Memphis Daily News. Wisconsin-based Batra Hospitality Group acquired the asset for $4.2 million via a special warranty deed. The buyer also filed a $4.2 million loan through Liberty Bank in conjunction with the acquisition. The Shelby County Assessor of Property’s appraisal of the hotel was $2.4 million.
Built in 1998, the 51,804-square-foot property is located near the Lenox Park office complex. The 93-key, three-story, hotel boasts 625 square feet of meeting space, a fitness center, whirlpool, outdoor poll , barbeque and picnic area, The Bistro onsite signature restaurant, convenience store, new lobby, Wi-Fi throughout, and onsite parking.
Image courtesy of Riverset Apartments’ Facebook page
Alco Properties Accesses $4.7M Refinancing Loan for Apartment Property4 Jun 2013, 3:06 pm
By Eliza Theiss, Associate Editor
Leading operator of affordable housing, Alco Properties Inc./Alco Management, Inc. has obtained a $4.7 million loan for Greenbriar Apartments, refinancing a comparable 2010 loan, reports The Memphis Daily News. Alco Vice President Robert Hyde signed the trust deed, filed under the operating name Alco Greeenbriar Partners LP, through Love Funding Corp., a HUD MAP- and LEAN-approved lender.
Located on 12.7 acres at 3131 Madewell St., the 1973-built apartment community is worth $3.8 million, according to the Shelby County Assessor of Property’s 2013 appraisal, and it is under a PILOT program through the Shelby County Health, Education and Housing Facility Board.
The 208-unit Greenbriar Apartments is comprised of 16 one-bedroom apartments, 128 two-bedroom units and 64 three-bedroom residences.
Love Funding, which focuses solely on FHA full-insurance loans, currently boasts an estimated servicing portfolio of $1 billion.
Memphis-based Alco Management is an owner, developer and manager of conventional and government-assisted multifamily properties throughout the Southeastern US. Properties include the award-winning senior living community Riverwood Tower Apartments, located in suburban Nashville. Read more about Alco’s National Affordable Housing Management Association distinction here.
In other financing news, the Germantown-based TD Properties LLC has obtained a $1.8 million loan on a Collierville office building, reported The Memphis Daily News. TD members Terry and Jan Callaway signed the trust deed filed through Renasant Bank. The Class B office property, dubbed 60 Market Center, features 15,632 square feet of space and sits on 1.5 acres in the Shilling Farms planned development. Built in 2005, the Shelby County Assessor appraised it at a value of $1.6 million.
Image courtesy of Google Maps
Chart courtesy of CBRE Memphis
Memphis to Build Green Lanes; Student Hall Silver LEED Certified24 May 2013, 9:33 pm
By Eliza Theiss, Associate Editor
It has been a great week for Memphis green initiatives. One of the biggest news for those with environmentally friendly mindset was Memphis Mayor AC Wharton’s announcement of plans to implement a network of protected bike lanes in Memphis as part of the city’s commitment to the Green Lane Project.
Memphis, a city that only two years ago was the chart-topper of Bicycling Magazine’s worst cities for biking in the US, is now considered to be best-improved for bicycling. Most credit Mayor AC Wharton’s advocacy for biking. His newly-presented Complete Streets Policy, the first-ever in in Memphis, sets a two-year timeframe to build 15 miles of green lanes and various new bike facility installations, starting in summer of 2013. Green lanes are dedicated roadway bike lanes, generally separated from both car and sidewalk traffic by planters, posts, curbs or parked cars.
The city of Memphis currently has no green lanes–nationally, green lanes had been scarce until 2011, when only a total of 62 miles existed. Thanks to recent initiatives, such as the 2012-launched Green Lane Project helmed by Bikes Belong Foundation, green lane implementation has accelerated: 2012 estimates show 32 cities engaging in the effort to bring that number up to 102, with the number of green lanes expected to increase by another 100 in 2013. The 2011-released Urban Bikeway Design Guide by the National Association of City Transportation Officials had a major impact as well, as it gave basic instruction to cities on how to adapt existing biking facilities and design features to create safe green lanes.
In other green news, The Memphis Daily News reports that newest residence hall on the Rhodes College campus has received Silver LEED certification by the US Green Building Council. Launched in August, West Village is a 141-bed student housing facility located on Rhodes’ Middle West side. Comprised of 22 deluxe suites, it features community amenities such as two conference rooms, sizeable common room with kitchen and laundry facilities on each floor. Units feature four to eight beds in single or doubles rooms. West Village houses upper-class students.
Image credits: the Rhodes College Facebook page
IDI to to Add 650KSF to Distribution Center In Olive Branch, Miss.; Community College to Convert Kroger’s into Teaching Facilities18 May 2013, 2:35 am
By Eliza Theiss
Atlanta-based full-service industrial real estate company Industrial Developments International (IDI) has announced expansion plans for its Crossroads Distribution Center in Olive Branch, Miss. IDI will add two more structures at the site, which is currently comprised of seven buildings totaling 3,241,011 square feet.
Building L will feature 241,994 square feet of space and is expected to complete by October, while Building D, with a due date of December, will offer 430,212 square feet. Both assets are designed for LEED Core and Shell certification and will be equipped with ESFR sprinkler systems. Building L will feature a rear loading design with a 320-foot building depth and 32-foot clearance. The structure will have parking in the front and will take leases for contracts as small as 50,000 square feet. The building will have the ability to be partitioned, as will Building D. The 420-foot deep with 32-foot clearance Building D will also feature cross dock loading.
“Tenants come in all shapes and sizes. Crossroads Distribution Center has buildings suited for smaller and larger, bulk tenants, and the addition of Buildings D and L provide additional options,” said Tim Moore, vice president of leasing for IDI Memphis.
When fully developed, the Crossroads Distribution Center will offer 7 million square feet of Class A distribution buildings on 475 acres in a market known as a leading logistical hub.
In other news, Southwest Tennessee Community College is looking to move one of its campuses to an empty Kroger’s building in the same Memphis submarket, reports the Memphis Business Journal. Another company, Methodist Le Bonheur had previously taken over a vacant Target store.
The community college recently purchased the 44,000-square-foot vacant store for $600,000 and plans to invest $5.5 million to convert the property into an educational facility that will appeal to an adult student body. Plans have yet to be submitted to the state boards.
The redevelopment will have to be completed by September 2014, when Southwest’s 29,000-square-foot lease expires. Southwest plans to break ground in July 2013 and complete construction by next spring. Funding has been secured by cutting the budget of other projects federal stimulus-funded projects.
Image credits: Google Maps