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VOL. 122 | NO. 51 | Tuesday, March 20, 2007

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3737 Stage-James Road
Memphis, TN 38128
Sale Amount: $4.6 million

     Sale Date:     Feb. 15, 2007

     Buyer:     Heavon Co. LLC (50 percent interest), Eastern Management & Financial LLC (45 percent) and DA Realty Holdings LLC (5 percent)

     Seller:     Lantern Square Associates LP

     Loan Amount:     $5.7 million

     Loan Date:     Feb. 15, 2007

     Maturity Date:     Feb. 6, 2009

     Borrower:     Lantern Square Apartments LLC

     Lender:     North Houston Bank

     Details:     The 226-unit Lantern Square Apartments on the southwest corner of Stage-James and Epping Way roads. Complex was built in 1976 and sits on 11.66 acres. The sale deed lists an alternate address of the complex as 2690 Drury Way. The three buying companies conveyed, or quitclaimed, the property to Lantern Square Apartments LLC, a limited liability company of which all three are member organizations. Lantern Square Apartments LLC then financed the property through North Houston Bank. Shelby County Assessor's 2006 appraisal was $5.3 million. Lantern Square Apartments LLC is affiliated with New Orleans-based Fountainbleau Management Services LLC. No one from Fountainbleau was available for comment. According to its Web site, the company owns two other Memphis properties: Ascension Towers at 3910 Stuart Road and Stonehenge Park at 4280 Mount Hood St. The company also owns properties in Alabama, Arkansas, Louisiana, Mississippi and Texas, according to the site. See the next two listings for related purchases.

4505 Wooddale Road
Memphis, TN 38118
Sale Amount: $3.4 million

     Sale Date:     Feb. 15, 2007

     Buyer:     Heavon Co. LLC (50 percent interest), Eastern Management & Financial LLC (45 percent) and DA Realty Holdings LLC (5 percent)

     Seller:     Perkins Woods LP

     Loan Amount:     $4.3 million

     Loan Date:     Feb. 15, 2007

     Maturity Date:     Feb. 6, 2009

     Borrower:     Dogwood Trace Apartments LLC

     Lender:     North Houston Bank

     Details:     The 167-unit Dogwood Trace apartment complex built in 1972 and formerly known as Perkins Woods. It sits on 9.54 acres north of Winchester Road between Knight and South Perkins roads. The sale deed lists an alternate address as 4635 Forest Oak. The three buying companies conveyed, or quitclaimed, the property to Dogwood Trace Apartments LLC, a limited liability company of which all three are member organizations. That LLC then financed the property through North Houston Bank. Shelby County Assessor's 2006 appraisal was $2.4 million. Dogwood Trace Apartments LLC is affiliated with New Orleans-based Fountainbleau Management Services LLC.

2162 Wilson Road
Memphis, TN 38116
Sale Amount: $3.1 million

     Sale Date:     Feb. 15, 2007

     Buyer:     Red Oaks Apartments LLC

     Seller:     Red Oaks Associates LP

     Loan Amount:     $4.2 million

     Loan Date:     Feb. 15, 2007

     Maturity Date:     Feb. 6, 2009

     Lender:     North Houston Bank

     Details:     The 155-unit Red Oaks Apartments built in 1975. The complex sits on 9.55 acres on the north side of Wilson Road west of Airways Boulevard. The sale deed lists an alternate address as 4907 Autumn Leaf Drive. Red Oaks Apartments LLC is comprised of five members: Heavon Co. LLC, Eastern Management and Financial LLC, DA Realty Holdings LLC, SA Realty Holdings LLC and NA Realty Holdings LLC. Shelby County Assessor's 2006 appraisal was $2.7 million. Red Oaks Apartments LLC is affiliated with New Orleans-based Fountainbleau Management Services LLC.

534 and 1131 Jack Carley Causeway
And one vacant parcel
Sale Amount: $2.4 million

     Sale Date:     March 10, 2007

     Buyer:     South of Fleet Street LLC

     Seller:     Billy Ted Waxler Jr. and Sherman Alan Waxler

     Details:     Three parcels totaling 23.46 acres. Two parcels totaling about 20 acres are vacant, while the third has a 5,000-square-foot retail building built in 1985, according to Chandler Reports. Shelby County Assessor's combined appraisal was about $500,000. The buyer is related to Fort Lauderdale, Fla.-based SEACOR Holdings Inc., which owns and operates marine and aviation assets primarily servicing the oil and gas industries. The sellers are affiliated with Waxler Towing Co. Inc., a Memphis-based boat and barge inland transportation company. Calls to SEACOR and Waxler Towing were not returned by press time. See the next listing for a related transaction.

486 Jack Carley Causeway
Memphis, TN 38113
Sale Amount: $1.6 million

     Sale Date:     March 10, 2007

     Buyer:     SCF Real Estate LLC

     Seller:     Waxler Towing Co.

     Details:     Two parcels totaling 9.93 acres that house a 10,700-square-foot warehouse built in 1970 and added onto in 1999, a 1,000-square-foot office built in 1959 and a 5,000-square-foot warehouse built in 2000. Shelby County Assessor's 2006 combined appraisal was $705,600.

5267 Knight Arnold Road
Memphis, TN 38118
Sale Amount: $1.8 million

     Sale Date:     Feb. 21, 2007

     Buyer:     Windsor Place Apartments LLC

     Seller:     Wells Fargo Bank Minnesota NA, as trustee

     Loan Amount:     $1.5 million

     Loan Date:     Feb. 21, 2007

     Maturity Date:     March 1, 2017

     Lender:     Harborpoint Capital LP

     Details:     The Royal Knight Apartments on the south side of Knight Arnold Road west of South Mendenhall Road. The 6.84-acre complex was built in 1968 and has around 120 one-, two- and three-bedroom units in two-story buildings. Wells Fargo bought the complex for $1.7 million in July at a foreclosure sale. The Shelby County Assessor's 2006 appraisal was $2.3 million. The buyer is affiliated with Salt Lake City-based Capital Growth Corp. Representatives of Capital Growth were unavailable for comment.


Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).­

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 55 55 20,821
MORTGAGES 44 44 24,405
FORECLOSURE NOTICES 0 0 8,610
BUILDING PERMITS 0 0 42,337
BANKRUPTCIES 51 51 13,953
BUSINESS LICENSES 22 22 6,423
UTILITY CONNECTIONS 0 0 13,511
MARRIAGE LICENSES 23 23 5,092

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