VOL. 122 | NO. 118 | Tuesday, June 26, 2007
Memphis Real Estate Recap
Apartment Conversion, New Condo Construction Planned for North Belvedere
Ashley Manor Condo Conversion at
129 and 137 N. Belvedere Blvd.
Sale Amount: $695,000
Sale Date: May 31, 2007
Buyer: Chamberlain, McCreery & Rice LLC
Seller: Rising Phoenix LP
Loan Amount: $1.3 million
Loan Date: May 31, 2007
Maturity Date: May 31, 2009
Lender: Trustmark National Bank
Details: A condo conversion for Ashley Manor, a two-building, 16-unit apartment complex built in 1920 at 129-137 N. Belvedere Blvd.. It sits on .82 acres on the west side of Belvedere Boulevard south of Poplar Avenue. The Shelby County Assessor's 2007 appraisal was $464,000.
Chamberlain, McCreery & Rice LLC (CMR) has begun renovations on the 1,000-square-foot, one-bedroom units, said Hank Rice, CMR vice president.
The rehab work, expected to cost a half-million dollars, includes installation of new kitchens and baths, central heating and air-conditioning, new windows and more. CMR also plans to install a covered parking area and a perimeter gate.
"We're going to keep the look, but just bring it up to modern standards," Rice said.
But Ashley Manor's condo conversion isn't the only work CMR has planned for that block of Belvedere. The developers - whose work largely has focused on new construction - have bought a vacant lot about 1,000 feet down the block on which they plan to build Parktown Place: two new condo buildings, each with four 950-square-foot, two-bedroom units.
"Each unit is going to have a garage on the ground floor - when you pull in your garage, you're in your unit - and then two floors of living space above that," he said.
Construction is expected to begin in the next few weeks.
Rice said he first learned about Ashley Manor while talking with Steve Woodyard, president of multifamily realty firm Woodyard Realty Corp.
"I've known Steve for quite a while, and he just brought this idea up to me," Rice said. "Actually, I was buying the vacant lot to build the new construction and I was talking to him about it and he said, 'I've got a property just down the street you need to see. I think this would be a great conversion.' So one thing led to another, and here we go."
Woodyard served as CMR's agent on the Ashley Manor purchase.
RE/MAX on the River agent John Tait, who served as agent on the vacant lot purchase, will handle sales for Ashley Manor and Parktown Place.