VOL. 116 | NO. 234 | Thursday, December 5, 2002
Davis Apts (lead)
By STACEY WIEDOWER
Apartments expand Georgia firms Memphis presence
By STACEY WIEDOWER
The Daily News
Framing has begun on a $19.5 million, 256-unit multi-family
residential complex at Macon and Cully roads in Cordova. The upscale apartment
community is scheduled for completion in the spring.
The Villas at Cordova project marks the second Memphis-area
venture for Davis Development Inc., a Stockbridge, Ga.-based firm that owns,
develops and manages multi-family residential communities in seven Southeastern
The complexs one-, two- and three-bedroom apartment units
will mirror those in the firms first Memphis development, Waterford Place, at
8037 Waterford Circle near Hacks Cross Road in Southeast Memphis, said project
manager Jeff Spangler.
These will be A-plus, high-end apartments, Spangler said.
The amenities package includes a clubhouse and swimming pool, fitness center,
childrens playroom, car wash, direct garage access, car care center, business
center and laundry facility.
The exterior of the apartment units will be sided, with
brick and stone accents, Spangler said. The community will be gated.
Morrow Construction, Davis Development Inc.s construction
arm, is the general contractor on the project.
The development firm decided to increase its presence in
Memphis because of the areas strong multi-family market, Spangler said.
Weve been really pleased with the response that weve had
to our other property there, he said. Were staying full, and we have some
waiting lists on some certain types of units.
The 320-unit Waterford Place property is situated near
Nonconnah Parkway and the FedEx World Headquarters at Hacks Cross Road. That
complex opened in November 2000.
Christy Hiltz, assistant manager of the property, said many
FedEx employees and their families live in the development.
Thats probably our majority, because were right there by
the FedEx complex, Hiltz said.
She said residents are attracted to the development because
of its homey feel.
Our apartments stand out, because they look like
townhomes, she said. They dont have breezeways and you dont see the stairs,
and I think that attracts a lot of people, especially when they see the
They have more of a homey feel than an actual apartment
Lease rates in the one-, two- and three-bedroom complex
range from $715 to $1,285, Hiltz said.
Davis Development will maintain ownership and management of
both properties, Spangler said.
He said he is excited about the new complexs location,
across from the Harding Academy campus in Cordova.
The other property we did (in Memphis) is very successful,
and so were really excited about this one, too, he said.