2940 Hickory Hill Road
Memphis, TN 38115
Sale Amount: $8.7 million

     Sale Date:     July 26, 2006

     Buyer:     PCCP JSP Hickory Meadows Apartments LLC

     Seller:     IS Hickory Meadows LLC

     Loan Amount:     $8 million

     Loan Date:     July 31, 2006

     Maturity Date:     n/a

     Lender:     Deutsche Bank Berkshire Mortgage Inc.

     Details:     Hickory Meadow Apartments on 14 acres on the east side of Hickory Hill Road Extended. Built in 1984, the complex has 208 one-, two- and three-bedroom units in two-story buildings, along with an office, clubhouse, swimming pool and tennis courts. The Shelby County Assessor's 2006 appraisal was $6.8 million.
The complex was one of nine communities totaling 1,918 units acquired by a joint venture of two California real estate investment firms, El Segundo-based Pacific Coast Capital Partners (PCCP) and San Francisco-based Jackson Square Properties (JSP).
See below for more information on Silver Creek, the other Memphis property included in the acquisition. The remaining seven apartment communities are in Arizona, Texas and Georgia.
All the communities are "garden style," meaning units are spread among several one- or two-story buildings instead of in high-rises, according to Luca Mangini, JSP's vice president of acquisitions.
Mangini said this is not the first time JSP has entered into a joint venture with PCCP.
"We worked previously on a prior transaction in Las Vegas ..." he said. "It was one community of 350 apartments."
In addition, Mangini said, this is not JSP's first venture in the Memphis market. The Trails at Kirby Parkway apartments were bought in late June by a JSP partner working under a different business name.
Mangini said all the communities will undergo general upgrades and deferred maintenance, including work on roofs, siding, landscaping and clubhouses. A rehabilitation note filed with the Hickory Meadow mortgage states $1.2 million in renovation work is scheduled before Aug. 1, 2007.
PCCP and JSP have not decided whether to rename any of the properties, Mangini said.