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VOL. 116 | NO. 234 | Thursday, December 5, 2002

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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 states.

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 garages.

They have more of a homey feel than an actual apartment feel.

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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783
FORECLOSURE NOTICES 16 53 275
BUILDING PERMITS 0 569 5,701
BANKRUPTCIES 0 87 993
BUSINESS LICENSES 0 110 491
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0