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VOL. 129 | NO. 204 | Monday, October 20, 2014

Daily Digest

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Waterford Place Apartments Sells for $28.3 Million

The 320-unit Waterford Place Apartments in Southeast Shelby County has sold to an entity affiliated with Chicago-based Trilogy Real Estate Group for $28.3 million, or about $88,438 per unit.

TMF III Waterford Place Partnership purchased the complex in an Oct. 16 special warranty deed from WRF-Waterford Place LLC, an entity related to Boston-based real estate investment trust Winthrop Realty Trust. Winthrop bought the property in April 2012 for $21.5 million.

Built in 2001, Waterford Place is situated on 27.9 acres on the east side of Hacks Cross Road north of the street’s intersection with Tenn. 385. The Shelby County Assessor of Property, which lists the complex at an alternate address of 4280 Hacks Cross Road, appraised it at $22.2 million this year.

In conjunction with the purchase, TMF III Waterford Place Partnership filed a $29.8 million multifamily deed of trust through Federal Home Loan Mortgage Corp.

Trilogy Real Estate Group is a privately held firm. In the past decade, Trilogy’s principals have completed multifamily investments with total acquisition costs in excess of $1 billion, according to the company’s website.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Wharton, Norris Speak At Rape Kit Summit

Tennessee Senate Majority Leader Mark Norris and Memphis Mayor A C Wharton Jr. have been invited to speak at a summit in Cleveland, Ohio, to discuss the handling of rape kit backlogs.

The summit began Sunday and runs through Tuesday, Oct. 21.

Norris, who is also chairman of the national Council of State Governments, sponsored legislation last year that requires law enforcement agencies to inventory their rape kits.

Experts say Memphis has one of the nation’s largest known backlogs of rape kits, at more than 12,000.

Thousands of the backlogged kits have been tested since they were discovered last year, and authorities are working to identify suspects from the evidence and charge them.

Rape victims have filed a lawsuit over the untested kits.

– The Associated Press

Athletic/Ortho Facility Opens in Collierville

D1 Sports Holdings LLC and Ortho One Sports Medicine have teamed up to open a sports training and therapy facility in Memphis. In addition, the business is co-owned by Tennessee Titans offensive lineman Michael Oher.

D1 Memphis is the 25th national location opened by D1 Sports Holdings LLC. The D1 Memphis training operation & Ortho One Sports Medical facility is located at 85 Market Center Drive in Collierville.

The facility, which will limit its opening membership to 200, will include an indoor turf field and college-style weight room combined with a state-of-the-art sports therapy clinic geared toward athletes and athletic-type injuries.

According to marketing information, D1 specializes in making athletes faster, stronger, more agile and explosive, while also building character. D1’s adult programs are suitable for any gender and fitness level, with results-driven programs geared towards weight loss, general health, strength and endurance.

D1 aims to replicate top college and pro training environments. Other pro athlete co-owners include Peyton Manning, Philip Rivers, Tim Tebow, Chipper Jones, Heather Mitts, Herschel Walker and Jason Witten. For more information, visit d1memphis.com.

– Don Wade

MIFA Holiday Cards Now Available

The Metropolitan Inter-Faith Association has unveiled its annual holiday card which features calligraphic art by Sally Jones Heinz, MIFA’s executive director.

The unique seasonal greeting card allows purchasers to make tribute gifts to MIFA in honor of friends, family members, clients or colleagues and include a handwritten, personalized message. The gifts support MIFA’s programs for vulnerable seniors and families in crisis along with the nonprofit organization’s vision of uniting the community through service.

The four-color card cover art includes a calligraphy design of the words unity, love, joy and service, with the inside message “United by love. Serving with joy.”

Cards are personalized, hand-addressed and mailed by MIFA, and the requested minimum donation per card is $10. For more information or to place an order, visit mifa.org.

– Don Wade

Bank of Bartlett Makes Promotions, Hires

Bank of Bartlett has made a round of promotions and new hires.

Jeffrey Bain has been promoted to assistant branch manager at the bank’s Wolfchase branch, 678 N. Germantown Parkway. Kevin Kelly has been promoted to item processing coordinator in the bank’s intellectual property department, Brian Knack has been promoted to staff accountant and Andrew Mullins-Williams has been promoted to assistant branch manager at the bank’s Germantown branch, 7708 Poplar Ave.

Meanwhile, new hires include David Avanzi, hired as a customer service representative at the bank’s Collierville branch, 1020 Poplar Ave. Steven Crosslin and Bailey Stephenson have been hired as business bankers, and Kacey Kidd and Jeanette Jackson have been hired as loan officers for Bartlett Mortgage.

– Andy Meek

Early Voting Tops 6,000 In First Two Days

More than 6,000 Shelby County voters cast early ballots in the first two days of early voting in advance of the Nov. 4 election day.

The total of 6,259 early voters for Wednesday, Oct. 15, and Thursday, Oct. 16, includes 460 absentee voters. The other 5,799 voted at one of the 21 early voting sites across Shelby County.

By Shelby County Election Commission statistics, 50.8 percent of the early voters were women. And 52.6 percent were white, 18.3 percent were black and 29 percent were “other,” a category that includes voters who do not indicate their race on voter registration forms.

Early voting continues through Oct. 30 in the last election of 2014, which includes races for state and federal offices along with a group of a dozen ballot questions.

– Bill Dries

Scores Show Most Miss. Kindergarteners Lag

A first-ever look at whether Mississippi’s kindergarten students are ready to learn to read shows that two-thirds are not.

Those results, released Friday by the Mississippi Department of Education, will be used by proponents to call for more state spending on prekindergarten classes, and to tailor efforts to help students improve before third grade. By then, educators are required by state law to flunk students who don’t read at least at a basic level.

“To be honest, I think it validated what I was expecting,” state Superintendent Carey Wright said. “It did not surprise me that the data were as poor as they were, but it also convinced me we were headed in the right direction as far as early childhood.”

State officials said they want to dig further into the numbers to see which preschools are producing well-prepared kindergartners. Right now, there is little guidance on preparedness for parents choosing who will care for young children.

Mississippi’s new numbers come from a test of all 40,000 kindergartners in public schools, given within the first month of school this year. The state paid for the tests as part of a $1.1 million contract with Renaissance Learning.

– The Associated Press

Apartments Push Up US Homebuilding

Construction firms broke ground on more apartment complexes in September, pushing up the pace of U.S. homebuilding.

Housing starts rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, the Commerce Department said Friday. Almost all of the gains came from apartment construction – a volatile category – which increased 18.5 percent after plunging in August.

The sluggish recovery and meager wage growth has left more Americans renting instead of owning homes. Apartment construction has surged 30.3 percent over the past 12 months.

Starts for single-family houses rose just 1.1 percent in September, contributing to an 11 percent gain during the past 12 months.

– The Associated Press

PROPERTY SALES 51 334 9,936
MORTGAGES 41 330 10,946
BUILDING PERMITS 348 1,216 22,173
BANKRUPTCIES 43 348 6,311