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VOL. 128 | NO. 186 | Tuesday, September 24, 2013




Keystone Landing Complex Sells for $4.6 Million

By Eric Smith

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4266 Ridgestone Road, Memphis, TN 38128

4266 Ridgestone Road
Memphis, TN 38128

Sale Amount: $4.6 million

Sale Date: Sept. 12, 2013
Buyer: Keystone Landing Apartments LLC
Seller: Ridgemont Investors LLC
Loan Amount: $3.5 million
Loan Date: Sept. 12, 2013
Maturity Date: N/A
Lender: Arbor Commercial Funding LLC
Details: The 150-unit Keystone Landing apartment complex at 4266 Ridgestone Road in Raleigh has sold for $4.6 million.

Keystone Landing Apartments LLC, an affiliate of Teaneck, N.J.-based Treetop Development, bought the 111,694-square-foot multifamily property in a Sept. 12 special warranty deed from Ridgemont Investors LLC, an affiliate of Panama City, Fla.-based Royal American Cos.

The seller had acquired the complex in 2008 for $2.7 million from CP DB Housing Partners IV.

Built in 1973, the Class D apartments sit on 9.6 acres at the southwest corner of Ridgemont Avenue and New Allen Road. The Shelby County Assessor of Property’s 2013 appraisal is $2 million.

In conjunction with the purchase, Keystone Landing Apartments filed a $3.5 million multifamily deed of trust, assignment of leases and rent, security agreement and fixture filing through Arbor Commercial Funding LLC.

1231 N. Germantown Parkway
Memphis, TN 38016

Sale Amount: $2 million

Sale Date: Sept. 11, 2013
Buyer: The Humphreys Fund LLC
Seller: Cypress Realty Holdings Co. II LLC
Loan Amount: $2 million
Loan Date: Sept. 11, 2013
Maturity Date: N/A
Lender: Kirkpatrick Bank
Details: Memphis-based Cypress Realty Holdings Co. has sold the ground lease of the Red Robin restaurant at 1231 N. Germantown Parkway in Cordova for $2 million.

Operating in the deal as Cypress Realty Holdings Co. II LLC, the company sold the lease to The Humphreys Fund LLC of Oklahoma City in a Sept. 11 special warranty deed.

Built in 2007, the 6,235-square-foot restaurant sits on a 1.68-acre outparcel of the former Kmart at 1245 N. Germantown Parkway.

That center was redeveloped into an America’s Incredible Pizza Co. and other stores by NPK Cordova LLC, which sold the ground lease to Cypress Realty Holdings in 2008 for $1.4 million.

The Shelby County Assessor of Property’s 2013 appraisal is $1.95 million.

In conjunction with the purchase, The Humphreys Fund LLC filed a $2 million loan through Kirkpatrick Bank.

212 Poplar Ave.
Memphis, TN 38103
and
216 Court Ave.
Memphis, TN 38103
Sale Amounts: $2 million; $1 million

Sale Dates: Aug. 28, 2013
Buyers: MVP PF Memphis Poplar 2013 LLC; MVP PF Memphis Court 2013 LLC
Seller: OC Parking Memphis Poplar LLC
Details: Affiliates of Las Vegas-based real estate investment trust MVP REIT have paid a combined $3 million for two Downtown parking lots at 212 Poplar Ave. and 216 Court Ave.

MVP PF Memphis Poplar 2013 LLC bought the Poplar parking lot for $2 million, while MVP PF Memphis Court 2013 LLC bought the Court parking lot for $1 million.

The seller was OC Parking Memphis Poplar LLC – an affiliate of Plymouth Meeting, Pa.-based CoveredBridge Ventures – and both sales were special warranty deeds dated Aug. 28.

The 212 Poplar parking lot is 0.9 acres and sits across from the Criminal Justice Complex at 201 Poplar Ave. Its 2013 appraisal is $514,600, according to the Shelby County Assessor of Property.

And the 216 Court parking lot is 0.5 acres between Third and Fourth avenues. Its 2013 appraisal is 294,200, according to the assessor.

No financing was associated with either purchase.

235 Union Ave.
Memphis, TN 38103
Sale Amount: $1.4 million

Sale Date: Sept. 11, 2013
Buyer: Nitinkumar Patel
Seller: 235 Partners (Laurence Bloch and Joseph F. Canepari Jr.)
Loan Amount: $1.1 million
Loan Date: Sept. 11, 2013
Maturity Date: N/A
Lender: First Citizens National Bank
Details: The 186-space parking lot at 235 Union Ave., next to the former Greyhound Bus Station and across from AutoZone Park, has sold for $1.4 million.

Nitinkumar Patel of Knoxville bought the 1.2-acre parking lot, which is operated by Central Parking, in a Sept. 11 warranty deed from 235 Partners, a general partnership composed of Laurence Bloch and Joseph F. Canepari Jr.

The parcel is at the southwest corner of Union and South Fourth Street; its 2013 appraisal is $747,200, according to the Shelby County Assessor of Property.

In conjunction with the purchase, Patel filed a $1.1 million loan through First Citizens National Bank.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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