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1. CB Richard Ellis Brokers Four Multifamily Sales
- Friday, March 21, 2014
The multifamily group at CB Richard Ellis Memphis has closed on the sale of four properties in the Memphis market over the last several weeks.
Briar Club Apartments, a 272-unit apartment community constructed in 1985, sold for $8.7 million, or $32,093 per unit. Cinnamon Trails Apartments, a 208-unit apartment community constructed in 1989, sold for $8.6 million, or $41,461 per unit. respectively. CBRE Memphis represented the sellers, Briar Apartments LLC and Cinnamon Apartments LLC in the sale to New York based Briar Club LLC and Cinnamon Trail LLC.