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VOL. 126 | NO. 134 | Tuesday, July 12, 2011




Former French Village Apts. Sell for $2.8 Million

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4055 Summer Ave.
Memphis, TN 38122
Sale Amount: $2.8 million

4055 Summer Ave. Memphis, TN 38122

Sale Date: June 30, 2011

Buyer: Grahamwood Place Apartment Community LLC

Seller: French Village Apartments LP

Loan Amount: $2.8 million

Loan Date: June 29, 2011

Maturity Date: July 10, 2016

Lender: Triumph Bank

Details: Arlington-based Grahamwood Place Apartment Community LLC has bought the 244-unit former French Village Apartments at 4055 Summer Ave. from California-based French Village Apartments LP for $2.8 million.

The complex is now called Grahamwood Pointe Apartments.

Built in 1969, the complex sits on 10.2 acres on the south side of Summer Avenue one block east of Grahamwood Elementary School in Summerdale Subdivision.

The new ownership is planning interior upgrades, including new flooring, color scheme and appliances, according to a statement from Steve Woodyard of Woodyard Realty Corp., who brokered the transaction.

Keith Sheppard of Multi-South Management will handle the management and oversee the renovations.

The new ownership bought PineBrooke Pointe apartments (3541 Mediterranean Drive) in February 2010, when occupancy was 50 percent, and improved the property, raising its current occupancy to 98 percent, Sheppard said in a statement.

Thought the buyer declined to be named, Grahamwood Place Apartment Community LLC shares an address with MPS-Services, a residential and multifamily company founded by Wes Misenhelter in 1978, according to MPS’ website.

French Village Apartments LP bought the property in 1993 for $3.6 million. The Shelby County Assessor of Property’s 2011 appraisal is $2.3 million.

6201 Poplar Ave.
Memphis, TN 38119
Sale Amount: $2.5 million

Sale Date: July 1, 2011

Buyer: Aaron Muschel

Seller: RABF Holdings LLC

Details: Aaron Muschel of New York has bought the Sharky’s Gulf Grill property at 6201 Poplar Ave. from RABF Holdings LLC for $2.5 million. The deal closed July 1.

The property is a 6,291-square-foot, one-story restaurant building built in 1980. It sits on 1.3 acres on the south side of Poplar Avenue east of Ridgeway Road, with the south side of the property backing up to Poplar Pike.

In conjunction with the sale, the buyer and seller filed a loan modification agreement dated July 1. RABF Holdings LLC originally filed a $1.6 million loan through Triumph Bank in December 2008, modifying the loan to $1.8 million in August 2009. Under the modified agreement, Triumph increases Muschel’s loan to $1.9 million and extends its maturity date to June 2014.

RABF Holdings bought the site in December 2008 for $1.9 million. The Shelby County Assessor of Property’s 2011 appraisal was $2 million. Days earlier, Muschel bought a shopping center on Kirby Whitten Road and a vacant parcel on Goodlett Farms Parkway for a combined $2 million. (More information on that transaction below.)

Reached by phone at his New York home, Muschel declined comment on the two purchases.

1674 Kirby Whitten Road
And 0 Goodlett Farms Parkway
Sale Amount: $2 million

Sale Date: June 29, 2011

Buyer: Aaron Muschel

Seller: North Mississippi Real Estate Management LLC

Details: Aaron Muschel of New York has bought a shopping center at 1674 Kirby Whitten Road as well as a 0.6-acre vacant parcel on Goodlett Farms Parkway from North Mississippi Real Estate Management LLC for $2 million. The deal closed June 29.

The seller, North Mississippi Real Estate Management LLC, shares two principals with the seller of the Sharky’s property, RABF Holdings LLC.

The 1674 Kirby Whitten property includes a 12,980-square-foot Class A strip shopping center built in 2008 on 0.9 acres. It’s at the southwest corner of Kirby Whitten Road (where the street turns into Whitten Road) and Goodlett Farms Parkway (where the street turns into Century Center Parkway). The 0.6-acre vacant parcel is adjacent to the east of the shopping center, at the southwest corner of Goodlett Farms Parkway and Raleigh LaGrange Road.

North Mississippi Real Estate Management LLC bought the properties in separate transactions in December 2006, paying $358,760 for the then-vacant shopping center parcel and $121,000 for the 0.6-acre parcel. The Shelby County Assessor of Property’s 2011 appraisal of the shopping center parcel is $1.6 million; the appraisal of the vacant parcel is $121,600.

In conjunction with the sale, the buyer and seller filed a loan modification agreement dated July 1, modifying a $1.9 million loan North Mississippi Real Estate Management filed through First Capital Bank. Under the terms of the modified loan, the new principal balance is $1.7 million, with the loan maturing in July 2014.

37.8 acres in
Tournament Center PD
Sale Amount: $1.7 million

Sale Date: June 29, 2011

Buyer: CRM Central Properties LLC

Seller: G. Benjamin Clark and Nicholas G. Clark

Details: Atlanta-based CRM Central Properties LLC has bought 37.8 acres of vacant land from G. Benjamin Clark and Nicholas G. Clark for $1.7 million. The sale document lists that the sale is in lieu of foreclosure.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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