VOL. 114 | NO. 95 | Tuesday, May 16, 2000
Sycamore Rdg P.2
By SUZANNE THOMPSON
Chicago firm buys northeast Memphis apartments
By SUZANNE THOMPSON
The Daily News
The Village of Sycamore Ridge, a 114-unit townhouse property located at 1945 Everetts Folly in Raleigh/Bartlett is now under new ownership.
Capreit Sycamore Ridge LP sold the units to TVO Real Estate Corp. last month for $5.2 million. Both companies are based in Chicago.
The Village of Sycamore Ridge is comprised of several floor plans each containing different square footage.
The property includes 36 two-bedroom, one-and-a-half bath units, with 1,010 square feet; 36 two-bedroom one-and-a-half bath town house units with 1,250 square feet and 42 three-bedroom, two-and-a-half bath town house units with 1,600 square feet.
The units rent for an average of $763.
The Village of Sycamore Ridge also features three swimming pools, a lake, a sand volleyball court and a playground.
"Its a beautiful property with mature trees," said Blake Pera, marketing principal with CB Richard Ellis, the company that represented the seller in the transaction.
The property was on the market for about four months prior to sale, he said.
Capreit sold the apartment complex to raise capital, Pera said.
Although TVO Realty is headquartered in Chicago, the company has a management arm, EPT Management, based in El Paso, Texas, which will manage Sycamore Ridge.
Several reasons factored into TVOs decision to buy the complex, said Musette Bracher, director of communications.
Officials at TVO liked the location of the property and the fact that families occupy the complexs large units, she said.
TVO owns three other properties in the Memphis market: Blair Tower, Country Oaks and Gardenwood.
The company currently owns 86 properties in 16 states, Bracher said.
At the time of closing, The Village of Sycamore Ridge was 97 percent occupied, according to information provided by CB Richard Ellis.
Overall occupancy for the first quarter for Raleigh/Bartlett old construction, 1980s construction and 1990 construction averaged 94.5 percent, 96.3 percent and 96.2 percent, respectively.
The overall occupancy for Memphis area apartments during first quarter was 94 percent.