VOL. 129 | NO. 43 | Tuesday, March 04, 2014
Memphis Real Estate Recap
Midtown Apartment Building Sells for $840,000
By Eric Smith
199 S. McLean Blvd.
Memphis, TN 38104
Sale Amount: $840,000
199 S. McLean Blvd. • Memphis, TN 38104
Sale Date: Feb. 21, 2014
Buyer: Zaki Holdings LLC
Seller: Colonial House LP
Loan Amount: $140,000
Loan Date: Feb. 21, 2014
Maturity Date: Sept. 1, 2015
Lender: Colonial House LP
Details: The 20-unit multifamily building at 199 S. McLean Blvd. in Midtown has sold for $840,000.
Zaki Holdings LLC, whose address is in care of Germantown real estate company MTC Management, bought the 21,624-square-foot apartment complex in a Feb. 21 warranty deed from Colonial House LP.
The seller had acquired the property in a 1996 quitclaim deed from Romona J. Funk.
Built in 1964, the Class C multifamily property sits on 0.7 acres along the west side of McLean Boulevard south of Union Avenue and north of Linden Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $642,000.
In conjunction with the purchase, the buyer filed a $140,000 deed of trust through the seller, Colonial House. Amin Zaki signed the trust deed as managing member of Zaki Holdings.
3913 Lamar Ave.
Memphis, TN 38118
1218 Winchester Road
Memphis, TN 38116
Sale Amounts: $1.9 million; $953,295
Sale Date: Feb. 18, 2014
Buyer: VP Memphis LLC
Sellers: CMRG Lamar LLC; CMRG Elvis LLC
Loan Amount: $3.6 million
Loan Date: Feb. 18, 2014
Maturity Date: N/A
Lender: First Western Trust Bank
Details: The former Value Place extended stay hotels at 3913 Lamar Ave. and 1218 Winchester Road have sold for a combined $2.9 million via deeds in lieu of foreclosure.
VP Memphis LLC, an entity affiliated with Westminster, Colo.-based real estate developer Inland Pacific Cos., paid $1.9 million for the Lamar property and $953,295 for the Winchester property in Feb. 18 deeds from CMRG Lamar LLC and CMRG Elvis LLC.
The sellers are affiliated with Newport Beach, Calif.-based Chase Merritt LP, which developed and opened the 121-room hotels in 2008 under the Value Place brand.
The 3913 Lamar Ave. property is a 43,520-square-foot, low-rise motel on 2.4 acres at the intersection of Lamar and New Getwell Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.2 million.
The 1218 Winchester Road property is a 42,992-square-foot, low-rise motel on 1.7 acres on the north side of Winchester east of its intersection with Elvis Presley Boulevard. The assessor’s 2013 appraisal was $2.4 million.
In conjunction with the purchase, VP Memphis filed a $3.6 million deed of trust through First Western Trust Bank. Inland Pacific president and CEO Timothy Leonard O’Byrne signed the deed as manager of IPH Management Co. LLC and VP Memphis.
848 Adams Ave.
Memphis, TN 38103
Permit Cost: $9.4 million
Project Cost: TBA
Permit Date: Applied February 2014
Owner: Methodist Le Bonheur Healthcare
Tenant: Le Bonheur Children’s Hospital
Details: Methodist Le Bonheur Healthcare has filed a $9.4 million permit with the city-county Office of Construction Code Enforcement for a parking garage at Le Bonheur Children’s Hospital, 848 Adams Ave.
The garage is another milestone in the long-running capital campaign to rejuvenate the Downtown children’s hospital, which was highlighted by the $340 million, 255-bed tower that opened in 2010.
Details about the garage – including contractor, architect and completion date – weren’t included on the permit, but initial plans called for 500 parking spaces in the facility.
3481-3491 Graceland Drive
Memphis, TN 38116
Loan Amount: $3.3 million
Loan Date: Feb. 26, 2014
Maturity Date: N/A
Borrower: Hickory Hills LLC
Lender: Walker & Dunlop LLC
Details: The owner of the 96-unit Hickory Hills apartment complex at 3481 Graceland Drive and 3491 Graceland Drive in Whitehaven has filed a $3.3 million loan on the property.
Hickory Hills LLC filed the multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing Feb. 26 through Walker & Dunlop LLC.
Paul D. Montgomery signed the deed as president of Salt Lake City-based Property Asset Management Inc., the managing entity of the borrower.
The Class C multifamily property sits on the southwest corner of Winchester Road and Graceland Drive.
Built in 1967, the 3481 Graceland Drive parcel has 52 units in multiple buildings containing 59,932 square feet. The Shelby County Assessor of Property’s 2013 appraisal was $1.2 million.
Built in 1968, the 3491 Graceland Drive parcel has 44 units in multiple buildings containing 51,230 square feet. The assessor’s 2013 appraisal was $1.3 million.