VOL. 126 | NO. 243 | Wednesday, December 14, 2011
Cordova's Stonebridge Apartments Sells for $22M
Daily News staff
A joint venture between Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners LP has bought Stonebridge Apartments from CMS Stonebridge LLC for $21.9 million as part of a 20-property multifamily portfolio purchase the companies announced in October.
The entity, called AB Merion Stonebridge LLC, closed on the deal Dec. 6.
The Stonebridge purchase includes 500 Class B apartments on three parcels totaling 32.3 acres, with a 2011 appraisal from the Shelby County Assessor of Property totaling $18.7 million.
Stonebridge Apartments, bounded by U.S. 64 to the north, Berryhill Road to the east and Fletcher Trace Parkway to the south, uses the address 9135 Morning Ridge Road.
The first parcel, which the assessor lists at 9135 U.S. 64, includes 200 units built in 1994 on 14.1 acres with a 2011 appraisal of $7.5 million. The second, listed at 9225 U.S. 64, includes 230 units built in 1995 on 12.5 acres and appraised at $8.6 million. And the third, listed at 0 Fletcher Trace Parkway, includes 70 units built in 1994 on 5.7 acres and appraised at $2.6 million.
In conjunction with the purchase, AB Merion Stonebridge LLC assumed CMS Stonebridge’s $18.5 million loan through Fannie Mae dated Nov. 1, 2010.
The joint venture between Wynnewood, Pa.-based Merion Realty Partners and New York-based AllianceBernstein announced in October it planned to buy a portfolio that included 4,900 units in 20 properties across several Southeastern states. The deal was expected to close in two tranches in December, according to Merion’s website. The portfolio included Class B, garden-style apartments requiring about $14 million in capital improvements and value-add upgrades, according to the site.
Merion's property management arm will manage all 20 assets.