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VOL. 109 | NO. 47 | Monday, December 11, 1995

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12/11 Real estate (back) Local LP Buys Aspenwood Square Apartments for $2.2 million By ED RAINS The Daily News Aspenwood Square apartments, a 120-unit complex built in the early 1970s and located on Mendenhall Road south of Knight Arnold Road, sold Dec. 5 for $2.21 million, according to SPL Corporation, who brokered the transaction. This sales price computes to about $18,400 per unit. The buyer in the transaction was Aspenwood Square, LTD, a Tennessee limited partnership based in Memphis. Bob Loeb, president of Loeb Realty Co. Inc. and general partner in the purchasing entity, said Aspenwood Square, LTD, is one of several single-asset real estate partnerships controlled by the Loeb family. Including the Aspenwood purchase, the Loeb group now owns approximately 2,000 apartment units in the Memphis area. Loeb added that he was "definitely interested in acquiring other properties" for the familys real estate portfolio. The seller was Sentinel Real Estate Fund. Despite its age, Loeb said the property suffers from surprisingly little deferred maintenance. "Sentinel has a reputation for maintaining their properties," he said, "and Aspenwood is a good case in point. We do, however, plan some capital improvements on the property." Aspenwood showed a strong 96 percent occupancy at the time of sale. The property consists of 96 two-bedroom units and 24 three-bedroom units. Two-bedroom apartments range in size from 975 to 1,170 square feet and rent from $435 to $500 per month, depending on floor plan. Three-bedroom units range in size from 1,100 to 1,470 square feet and currently rent at $560 to $600 a month. Amenities include outdoor pools, a laundry facility, washer/dryer connections and vaulted ceilings in some units. About half the units are townhouses. LEDIC Management Group, the property management affiliate of SPL Corporation, will manage the Aspenwood property for the partnership. LEDIC currently manages about 24,000 multifamily units in the Southeast. Terry Corona and Steve Rudesill represented SPL in the sale. R. Hunter Humphreys, with the law firm of Glankler, Brown, represented the buyer. Financing was provided by Deposit Guaranty National Bank and was represented in the transaction by J. Phillip Jones with Martin, Tate, Morrow and Marston. So far this year, 16 apartment properties consisting of 50 or more units have sold in Memphis. These 16 properties, comprising 2,348 units, sold for a total of $55 million, an average of $23,400 per unit. In 1994, 41 apartment complexes (7,694 units) sold for a total of $199 million, averaging $25,864 per unit.                                      
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 85 305 21,577
MORTGAGES 62 223 16,417
FORECLOSURE NOTICES 0 17 1,504
BUILDING PERMITS 0 571 42,491
BANKRUPTCIES 34 138 6,717
BUSINESS LICENSES 40 72 3,169
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0