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VOL. 126 | NO. 27 | Wednesday, February 9, 2011

Daily Digest

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Foreign Investors Buy Treasure Park Apartments

A foreign investment group called Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.

The apartments were built in 1965 and sit on about 10 acres on the west side of North Watkins Street south of Ontario Avenue. The 214-unit complex, which has one-, two- and three-bedroom units, is completely vacant and in need of rehabilitation, according to Curtis Braden, senior associate, multifamily division of Marcus & Millichap. Braden served as broker on both sides of the transaction.

City National bought it for $1.1 million from the Federal Deposit Insurance Corp. as receiver for Imperial Capital Bank of La Jolla, Calif., prior to its sale to Square Mile Investments.

Braden said Square Mile Investments has other properties in the U.S., but this is the LLC’s first Memphis property.

Source: The Daily News Online & Chandler Reports

– Kate Simone

WKNO, TDN Host Schools Consolidation Forum

WKNO and The Daily News will host a television forum Friday at 8 p.m. on the schools consolidation issue.

The hour-long forum will air as a special edition of “Behind the Headlines,” hosted by Eric Barnes, publisher of The Daily News. It will feature Shelby County Schools board chairman David Pickler, Memphis City Schools board members Martavius Jones and Tomeka Hart, and Memphis Southern Christian Leadership Conference leader Dwight Montgomery.

“It’s an issue that affects everyone, not just those with school-aged children,” Barnes said. “With the public vote coming up, it is imperative that we all have a better understanding of what this issue means to each of us.”

Panelists will be Bill Dries, senior reporter for The Daily News, and Jackson Baker, senior reporter for The Memphis Flyer.

The forum will also feature questions from the public, which can be submitted by emailing wknopi@wkno.org or calling 729-8151.

– Daily News staff

Keller Williams Realty to Launch Business Platform

Keller Williams Realty Inc. is set to launch eEdge – the real estate industry’s first complete lead-to-close business solution for every agent in the company.

The platform will enable agents to maintain all their contacts into one database, create and send marketing and sales material, manage their website and listings, and facilitate transactions paperless, with an online portal for clients and co-op agents.

“eEdge will do everything except make calls for you,” said president and chief operating officer of Keller Williams Mary Tennant in a statement.

Keller Williams, with partners Market Leader and DotLoop, will be providing the central platform that allows for a single point of entry and seamless information sharing between each component of product.

“The current process of taking a client through the lifecycle of a transaction is inefficient and cumbersome,” co-founder and CEO of DotLoop Austin Allison said in a statement. “The platform will accelerate this process and improve the overall experience of buying and selling a home. Essentially, we have aligned the business needs of agents and the expectations of their clients by providing a win-win for all parties involved, including the agent on the other side of the transaction.”

The first phase of eEdge – voted on and ratified by the company’s Associate Leadership Councils – will officially launch at the company’s annual convention in February 2011.

Austin, Texas-based Keller Williams is the second-largest real estate firm in North America, with nearly 800 offices and 80,000 associates.

– Sarah Baker

City to Host Exhibition To Encourage Civic Participation

Memphis has been chosen, along with four other U.S. cities, to host “Choosing to Participate,” a nationally acclaimed exhibition and civic initiative designed to encourage people to consider the importance of participating in a democratic society.

The official announcement will be made Wednesday during a community outreach breakfast for a group of community, business, religious and educational leaders at Christian Brothers University.

“We want the entire Mid-South to be part of this initiative – to attend the exhibition, to volunteer as guides and facilitators, to hear our national speakers and to join us in presenting ‘Choosing to Participate’ to the Memphis community,” said Rachel Shankman, senior director of the Memphis office of Facing History and Ourselves.

The exhibition will run from Sept. 6 to Nov. 30 at the Benjamin L. Hooks Central Library at 3030 Poplar Ave. and was developed by Facing History and Ourselves, an international educational and professional development organization whose mission is to engage students of diverse backgrounds in the examination of racism, prejudice and anti-Semitism in order to promote the development of a more humane and informed citizenry.

“Choosing to Participate” will include a multimedia exhibition, companion website and extensive community event series that examines the impact and history of racism and injustice and the courageous choices people make every day.

Events such as teacher workshops, a student art competition, speaking appearances and a film series will be held throughout the year.

Other host cities are Cleveland, Washington, New York and Chicago.

– The Daily News

Young Professionals Host Small Beginnings Fund Event

The MED Foundation’s Young Leadership Council and Memphis Urban League Young Professionals will hold a reception from 5:30 to 7:30 Thursday evening at Bar None, 119 S. Main St. in Downtown Memphis, to support The Small Beginnings Fund.

The fund supports and works to expand a wide range of hospital-based initiatives to increase the number of healthy babies, healthy moms and healthy pregnancies in Memphis and Shelby County.

The Young Leadership Council includes young professionals in the community who support the work of the Regional Medical Center of Memphis and MED Foundation, the hospital’s nonprofit fundraising arm that works to purchase state-of-the-art equipment, provide special staff training and raise awareness for the public hospital’s mission.

Admission to the reception, which will feature a cash bar and light hors d’oeuvres, is $10.

All proceeds benefit The Small Beginnings Fund.

– Aisling Maki

Memphian Lott Among Prudential's Top Tier

Amanda Lott, affiliate broker with Prudential Collin-Maury Inc., achieved the President’s Circle for 2010 – an award given to agents that have achieved either $185,000 gross commission income or 50 residential units.

Only the top 3 percent of Prudential’s network of about 62,000 sales professionals make the President’s Circle.

“I’m honored to be recognized in this capacity and it just goes to show that with perseverance, no matter what the market is, you can be still successful in real estate,” Lott said.

Lott received her license in October 2008. In 2009, she was among the Leading Edge Society, placing her in the top 6 percent.

Lott will be honored at the March 6-8 sales convention in San Diego. Her 2011 goal is to reach the top 1 percent Chairman’s Circle.

– Sarah Baker

Environment Dept. Seeks Stewardship Nominations

The Tennessee Department of Environment and Conservation is inviting Tennesseans to submit nominations for the Governor’s 2011 Environmental Stewardship Awards.

The awards recognize Tennesseans who go above and beyond to protect the state’s environment.

Any individual, business, organization, educational institution or agency is eligible, provided they are located in Tennessee.

Also, submitted projects should have been completed during the 2010 calendar year.

Nominees must have a minimum three years of environmental compliance with the Department of Environment and Conservation.

The deadline for nominations is April 30.

Awards will be announced in June.

For more information, visit www.tn.gov/environment/awards.

– Taylor Shoptaw

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225