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VOL. 127 | NO. 222 | Tuesday, November 13, 2012

 

Willow Oaks Apartments Sell for $1.5 Million

By Eric Smith

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2429 Ketchum Road Memphis, TN 38114

Sale Amount: $1.5 million

Sale Date: Nov. 2, 2012

Buyer: Blue Salt LLC

Seller: Noall Investment Properties LLC

Loan Amount: $1.5 million

Loan Date: Nov. 2, 2012

Maturity Date: N/A

Lender: Noall Investment Properties LLC

2429 Ketchum Road • Memphis, TN 38114

Details: The 346-unit Willow Oaks apartment complex at 2429 Ketchum Road has sold once again after trading hands in September.

Blue Salt LLC, a Delaware company, paid $1.5 million for the multifamily property in the Defense Depot’s 38114 ZIP code from Bountiful, Utah-based Noall Investment Properties LLC.

Alan G. Noall signed the warranty deed as member of Noall Investment Properties.

The warranty deed’s date was Nov. 2 but effective as of Sept. 25, the same day that Noall Investment Properties paid $1.1 million for property from Willow Oaks Apartments LLC. That entity bought the complex in 2005 for $4 million.

Built in 1966, the 257,838-square-foot, Class D multifamily complex sits on 18.74 acres on the south side of Ketchum Road near its intersection with Airways Boulevard. The south side of the property abuts Interstate 240.

The warranty deed filed through the Shelby County Register of Deeds lists the address as 2459 Ketchum Road, but the Shelby County Assessor of Property, whose 2012 appraisal is $2.5 million, lists the address as 2429 Ketchum Road.

The transaction also included a deed of trust issued by the seller, with Jason W. Coutts signing the deed as manager of Blue Salt.

5119 American Way
Memphis, TN 38118

Sale Amount: $1.2 million

Sale Date: Nov. 2, 2012

Buyer: Shiv of Memphis LLC

Seller: Feenas of Memphis Inc.

Loan Amount: $830,000

Loan Date: Nov. 2, 2012

Maturity Date: N/A

Lender: First Capital Bank

Details: An entity called Shiv of Memphis LLC has paid $1.2 million for the Sleep Inn at 5119 American Way in Parkway Village.

The company bought the 20,034-square-foot motel Nov. 2 from Feenas of Memphis Inc., which had acquired the property in 2006 for $1.2 million. Niranjan Patel and Sushma Patel signed the warranty deed as president and secretary, respectively, of Feenas of Memphis.

Built in 1998, the motel sits on 1.63 acres on the south side of American Way, in the Johns Creek Phase 4 subdivision, between the street’s intersections with Mount Moriah and South Perkins roads.

The Shelby County Assessor of Property’s 2012 appraisal is $1.2 million.

In conjunction with the purchase, Shiv of Memphis filed a $1.2 million loan through First Capital Bank. Nitinkumar Patel and Anandkumar Patel signed the trust deed as members of the buyer.

67 acres in Collierville

Sale Amounts: $3 million; $1.3 million

Sale Dates: Oct. 31, 2012

Buyer: Hilliard Crews Partnership (Hilliard R. Crews Jr. and Hilliard LLC)

Seller: Shea Partners (Boyle Investment Co. and Boyle North Company LLC)

Loan Amount: $2 million

Loan Date: Oct. 31, 2012

Maturity Date: N/A

Lender: BancorpSouth Bank

Details: Hilliard Crews Partnership has paid a combined $4.3 million for roughly 67 acres of land in Collierville from Shea Partners.

The buying partnership, composed of Hilliard R. Crews Jr. and Hilliard LLC, bought the vacant parcel in two special warranty deeds Oct. 31 from an entity composed of Boyle Investment Co. and Boyle North Co. LLC.

The land sits on the west side of Shea Road south of Frank Road in Collierville. Original plans were to turn the property into Shepherd’s Creek subdivision.

The Shelby County Assessor of Property’s 2012 appraisal of the property is $2 million.

Russell E. “Rusty” Bloodworth Jr., executive vice president with Boyle, signed the warranty deed as managing partner of Shea Partners, which had bought the acreage from the A.D. Cartwright Jr. Revocable Trust in December 2007, also for $4.3 million.

Hilliard Crews Partnership financed part of the purchase with a $2 million trust deed through BancorpSouth Bank. Crews signed the trust deed as general partner of the grantor.

300 Poplar Ave.
Memphis, TN 38103

Loan Amount: $1.4 million

Loan Date: Nov. 5, 2012

Maturity Date: Nov. 5, 2015

Borrower: K & A Poplar

Lender: Clayton Bank and Trust

Details: The owner of the mixed-used property at 300 Poplar Ave. Downtown has filed a $1.4 million loan through Clayton Bank and Trust.

K & A Poplar, a general partnership whose address is in Collierville, acquired the 19,074-square-foot property in a quitclaim deed from K & A Investments on Nov. 1; the deed of trust was filed Nov. 5.

Built in 1964, the Class C property includes two buildings – a BP gas station and an office strip center – that sit on 1 acre on the north side of Poplar Avenue, between North Lauderdale Street and North Danny Thomas Boulevard.

The Shelby County Assessor of Property’s 2012 appraisal is $501,400.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 180 11,618
MORTGAGES 81 223 15,202
FORECLOSURE NOTICES 21 68 2,979
BUILDING PERMITS 0 392 27,646
BANKRUPTCIES 90 218 11,180
BUSINESS LICENSES 26 63 4,101
UTILITY CONNECTIONS 99 422 16,906
MARRIAGE LICENSES 19 62 3,526

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