VOL. 129 | NO. 135 | Monday, July 14, 2014
Greenbrook Apartments Sell for $46.5 Million
By Amos Maki
An affiliate of Atlanta-based Carroll Organization bought the 1,037-unit Greenbrook Apartments at 1400 Greenbrook Parkway from Memphis-based real estate investment trust MAA for $46.5 million in a deal that closed Friday, June 11, according to Shelby County property records.
Arium Shelby Farms Owner LLC paid $44,840 per unit, compared to the $27,067 per unit – or $28.1 million – MAA's Mid America Apartments LP paid for the property, located at Macon Road and Greenbrook Parkway near Shelby Farms, when it acquired it in 1994.
The total sales price for Greenbrook nudges out the January sale of the Miller Creek at Germantown apartment complex in Southeast Shelby County, which fetched $43.8 million, as the highest purchase price apartment deal in 2014. TS Miller Creek LLC, an affiliate of Aventura, Fla.-based real estate investment trust Trade Street Residential, bought the 330-unit apartment complex in a Jan. 21 special warranty deed from the developer, Miller Creek Residences LLC.