VOL. 125 | NO. 11 | Monday, January 18, 2010
Real Estate Recap
Buena Vista Apartments in Frayser Foreclosed, Sold to Atlanta Company
3431 N. Trezevant St.
Memphis, TN 38127
Sale Amount: $1.3 Million
Sale Date: Jan. 12, 2010
Buyer: Tritex Real Estate Advisors Inc.
Seller: Emily Bowman, successor trustee
Details: The 62-unit Buena Vista Apartments at 3431 N. Trezevant St. in Frayser sold Tuesday for $1.3 million in a successor trustee’s deed following a foreclosure of the property.
The buyer was Tritex Real Estate Advisors Inc. of Atlanta, and the property was sold on the steps of the Shelby County Courthouse with Emily Bowman of the Nashville law firm Bradley Arant Boult Cummings LLP serving as successor trustee.
The previous owner, BR Buena Vista LLC of West Jordan, Utah, had defaulted on a $1.2 million loan through LaSalle Bank NA dated Sept. 12, 2007.
Built in 1972, the Class D multifamily complex contains 51,242 square feet and sits on 4.12 acres at the northwest corner of Trezevant Street and Hargrove Avenue. The Shelby County Assessor of Property’s 2009 appraisal was $1.3 million.
BR Buena Vista bought the property in 2007 for $1.5 million. A representative of the owner’s management company, IMG, told The Daily News at that time that the owner planned to perform some interior renovations and that some had already been performed, including painting the buildings and replacing appliances in some units.
This recent transaction also included an assignment of multifamily deed of trust from Tritex Real Estate Advisors to Fannie Mae.
2080 Winchester Road
Memphis, TN 38116
Sale Amount: $1.3 Million
Sale Date: Dec. 29, 2009
Buyer: Sunrise Memphis Corp.
Seller: Sunrise Apartments LLC
Loan Amount: $895,000
Loan Date: Dec. 31, 2009
Maturity Date: Jan. 1, 2013
Lender: PAR Investments LLC
Details: The 112-unit Sunrise Terrace Apartments at 2080 Winchester Road in Whitehaven sold at the end of last month for $1.3 million to a Montreal-based entity called Sunrise Memphis Corp. The seller was Sunrise Apartments LLC, which had acquired the complex in a 2007 quitclaim deed.Built in 1964, the Class D complex contains 91,556 square feet in about a dozen buildings. The property sits on 6.74 acres along the north side of Winchester Road just west of its intersection with Airways Boulevard. The Shelby County Assessor of Property’s 2009 appraisal of the apartment complex was $1 million. In conjunction with the purchase, the buyer filed an $895,000 deed of trust, security agreement and assignment of rents and leases through PAR Investments LLC. Eric Ouanounou signed the trust deed as president of Sunrise Memphis. Tim Kosen signed the warranty deed as chief manager of Sunrise Apartments, whose address is in San Diego.
3443-3474 Winchester Road,
3649 Lake Park Drive and 6431 Arrowbrook
Memphis, TN 38118
Sale Amount: $2.1 Million
Sale Date: Dec. 3, 2009
Buyer: CMPTC Series 2005-C5 Somerset Park LLC
Seller: Charles S. Sanger, successor trustee
Details: The 496-unit Somerset Park Apartment Homes on Winchester Road in the Oakhaven/Parkway Village area sold on the steps of the Shelby County Courthouse last month for $2.1 million following a foreclosure. The sprawling multifamily complex is comprised of four parcels – 3443 and 3474 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook. CMPTC Series 2005-C5 Somerset Park LLC, an affiliate of New York-based ING Clarion Capital Loan Services LLC, bought the properties from successor trustee Charles S. Sanger of the Nashville office of Bradley Arant Boult Cummings LLP. The sale closed on Dec. 3 but wasn’t recorded with the Shelby County Register of Deeds until last week. The previous owner, Maurti Somerset Park LLC, defaulted on a $7.1 million loan through Column Financial Inc. dated Oct. 17, 2005. The company paid $8.3 million for the complex from Tarragon Lake Point Partnership. Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.45 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It had a combined 2009 appraised value of $2.5 million, according to the Shelby County Assessor of Property. The complex’s largest parcel is 6431 Arrowbrook. A 220-unit, 219,600-square-foot building, it sits on 10.92 acres and appraised at $1.1 million. Next is the 3649 Lake Park Drive parcel, which sits on 7.17 acres, has 160 units and 179,980 square feet, and appraised at $794,600. The 3343 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet, and appraised at $347,100. And the 3474 Winchester Road property sits on 2.46 acres, has 44 units and 40,396 square feet, and appraised at $286,200.
1591 Century Center Parkway
Memphis, TN 38134
Loan Amount: $2.8 Million
Loan Date: Dec. 30, 2009
Maturity Date: N/A
Borrower: EK Properties LLC
Lender: First Tennessee Bank NA
Details: EK Properties LLC, an entity related to Ewing/Kessler Mechanical Solutions, has filed a $2.8 million construction loan through First Tennessee Bank NA for a vacant parcel it owns at 1591 Century Center Parkway. Christopher Ewing, a principal at Ewing/Kessler, signed the trust deed as president of EK Properties. A call to Ewing was not immediately returned, and details about the plans the company has for the land weren’t available by press time. The 5.1-acre property sits along the west side of Century Center Parkway near the intersection of Kirby-Whitten and Macon roads just south of Interstate 40. The Shelby County Assessor of Property’s 2009 appraisal of the land was $667,500. Ewing/Kessler bought the land Oct. 2 for $726,601 from Community Foundation Realty Inc. in a special warranty deed. Ewing/Kessler, which “specializes in engineered solutions for sustainable design and energy efficient HVAC systems,” according to its Web site, currently operates its lone Memphis-area office at 7876 Stage Hills Blvd. in Bartlett. It also has offices in Starkville and Jackson, Miss.