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VOL. 125 | NO. 105 | Tuesday, June 1, 2010

New York Company Buys Gardenwood Apartments

By Eric Smith

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Gardenwood Apartments

4975 Hoover Drive
Memphis, TN 38128
Sale Amount: $2.9 Million

Sale Date: May 17, 2010
Buyer: Gardenwood Apartments LLC
Seller: Bank of America NA
Loan Amount: $2.2 million
Loan Date: May 17, 2010
Maturity Date: N/A
Lender: Bloomfield Capital Partners Fund III LLC

Details: New York-based Besyata Corp. has paid $2.9 million for the 152-unit Gardenwood Apartments at 4795 Hoover Drive in Raleigh. An alternate address is 4787 Garden Grove Circle.

Operating in the transaction as Gardenwood Apartments LLC, the company bought the property from Bank of America following a foreclosure.

Built in 1983, the Gardenwood complex contains 139,096 square feet and sits on 10.11 acres at the intersection of Hoover Drive and Raleigh-LaGrange Road.

The Shelby County Assessor of Property’s 2010 appraisal is $2.2 million.

Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ multifamily division represented the special servicer in the sale.

Gardenwood “enjoys a strong location in the Raleigh/Bartlett submarket” with good access to Interstate 240, a CBRE release stated.

“Gardenwood was one of the market’s better located and performing REO (real estate owned) properties available to date,” CBRE senior vice president Pera said in a release.

The complex had been sold back to the lender, Bank of America NA, last September in a successor trustees’ sale for $2.4 million.

Mountain Brook Cove
Eads, TN 38028
Sale Amount: $1.7 Million

Sale Date: May 21, 2010
Buyer: Monta J. Ellis and Juanika M. Amos
Seller: BankTennessee
Loan Amount: $1.2 million
Loan Date: May 21, 2010
Maturity Date: June 5, 2014
Lender: Copiah Bank

Details: Professional basketball player Monta Ellis, a Mississippi native who now plays for the Golden State Warriors, has bought the Eads home once owned by former University of Memphis Tigers and Memphis Grizzlies star Lorenzen Wright.

The move comes just months after reports that the Grizzlies offered to trade O.J. Mayo and Hasheem Thabeet for Ellis. The deal never happened.

Ellis, who was born and raised in Jackson, Miss., and Juanika M. Amos paid $1.7 million for the custom-built, 12,475-square-foot house that sits on 6.46 acres on Mountain Brook Cove near Raleigh-LaGrange and Reid Hooker roads. The sale closed May 21.

The seller was BankTennessee, which had foreclosed the home in May 2009 when Wright and his wife, Sherra, defaulted on a $2.7 million construction loan dated May 16, 2006.

The two-story, 17-room home was completed in 2008. Its current appraised value is $2.8 million, according to the Shelby County Assessor of Property.

BankTennessee bought the home out of foreclosure for $1.3 million and then listed it for $2.5 million through Crye-Leike Realtors Inc.’s Quail Hollow office.

27 Acres in Germantown
Sale Amount: $3.3 Million
Sale Date: May 11, 2010

Buyer: First Citizens National Bank
Seller: Ralph Henson, substitute trustee

Details: Four parcels totaling 27 acres in Germantown have been sold back to the lender, First Citizens National Bank of Dyersburg, for $3.3 million following a foreclosure.

The previous owners – Waymon H. Welch Jr., Dawn Kinard and Cary R. Califf, trustee – defaulted on a $3.6 million loan through First Citizens dated July 12, 2007.

The ownership group lists an address of 7751 Wolf River Blvd. in Germantown, headquarters of Welch Realty.

Three of the four parcels are vacant and all are zoned “farm” and situated along the east side of Forest Hill-Irene Road.

The first is a 10.42-acre parcel appraised at $475,000, according to the Shelby County Assessor of Property. Its formal address is 2690 S. Forest-Hill Irene.

The second is an 11.44-acre parcel appraised at $770,200. It contains an 876-square-foot single-family home built in 1960 and has a formal address of 2760 S. Forest Hill-Irene.

The third is a 2.91-acre parcel appraised at 250,000. Its formal address is 9144 Echo Lake Cove.

And the fourth is a 2.21-acre parcel appraised at $216,100. Its formal address is 9165 Echo Lake Cove.

15 Woodland Hills Drive
Cordova, TN 38018
Sale Amount: $1.7 Million

Sale Date: May 21, 2010
Buyer: BankTennessee
Seller: Wendy Geurin Smith, successor trustee

Details: Woodland Hills, which now houses the Love of Christ Church as well as an event center, sold May 21 for $1.7 million to the lender, BankTennessee, following a foreclosure.

The address of the facility is listed as 10000 Woodland Hills Drive and also as 15 Woodland Hills Drive on the Shelby County Assessor of Property’s website.

BankTennessee foreclosed on the property in April when the owner defaulted on a $1.7 million loan dated May 14, 2007.

The previous owner, Woodland Hills Operating Co., in 2008 quitclaimed the property to Love of Christ Church Inc., which also assumed the aforementioned loan on the property.

The Woodland Hills event center will continue to operate.

The 15.09-acre property sits at the northwest corner of Woodland Hills and Houston Levee Road and contains a 31,672-square-foot clubhouse once known as Woodland Hills Country Club.

Built in 1971, the clubhouse has an appraised value of $1.6 million, according to the assessor’s 2010 data.

PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704