VOL. 114 | NO. 100 | Tuesday, May 23, 2000
Church Lake, a 352-unit apartment complex at 5186 Church Lake Drive in Southaven, Miss
Church Lake, a 352-unit apartment complex at 5186 Church Lake Drive in Southaven, Miss., has been sold for $19.1 million, or $54,403 per unit.
The Realty Associates Fund IV LP purchased the property, which was owned by Church Road Apartments LLC.
Blake Pera and Steve Rudesill of CB Richard Ellis Memphis represented the seller in the transaction.
Church Lake has 108 one-bedroom units with an average size of 743 square feet; 192 two-bedroom units with an average size of 959 square feet and 52 three-bedroom units with an average size of 1,181 square feet.
Apartment units in the complex have an average rental rate of $590, $676 and $766, respectively.
At the time of closing, the property was 98 percent occupied.
Overall occupancy for the first quarter of 2000 for properties built in the 1980s and 1990s in DeSoto County averaged 94 percent and 90.4 percent, respectively. The overall occupancy for the Memphis area for the first quarter was 94 percent.
Overall rents for properties built in DeSoto County in the 1980s and 1990s changed an annualized 3.1 percent and 0.5 percent, respectively, from year-end 1999.
The multifamily division of CB Richard Ellis Memphis specializes in brokerage and market research of multifamily real estate. Its current market area includes Memphis; Little Rock, Ark.; Jackson, Tenn.; and Jackson, Miss.
Memphis-based Ledbetter Packing Co. is set to expand its 92,000-square-foot meat packing plant at Presidents Island by an additional 7,310 square feet.
The expansion of the Presidents Island facility, at 1837 Harbor Drive, was prompted by a recent joint venture agreement between the company and John Morrell & Co., Ledbetter officials said.
Ledbetter Packing, founded in 1950 as a meat processor and supplier to the local restaurant business, plans to invest about $5.3 million in the expansion, which will produce about 80 new jobs over the next two years.
Miac Partnership, a Tennessee general partnership, financed $5.8 million through State Farm Life Insurance Co., securing the loan with a total of 12 acres of property at 3474, 3510 and 3570 Winchester Road, according to a trust deed filed May 11 in the Shelby County Registers Office.