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VOL. 131 | NO. 160 | Thursday, August 11, 2016

Daily Digest

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Greens at Irene Apartments Sells for $39 Million

The Greens at Irene apartment community in southeast Memphis has sold for $39.1 million.

WDC Greens Investment LLC and MEM Greens at Irene LLC purchased the property from The Greens at Irene L.P. and the Greens at Irene Phase II L.P. in a Aug. 5 warranty deed.

The apartment community at 8285 Irene Boulevard was developed in two phases in 2002 and 2007. It bears 600 units across 535,736 square feet.

In conjunction with the sale, WDC Greens Investment and Mem Greens LLC took out a $29.4 million mortgage through M&T Realty Capital Corp.

David W. Snyder signed the loan as manager of Continental Realty Services/GAI Manager LLC, the managing company for MEM Greens at Irene LLC. Timothy J. Wallen signed as president of Wisconsin Development LLC, the managing company for WDC Greens Investment LLC.

The Greens at Irene sale is the largest multifamily transaction in Shelby County over the past year. Collierville’s 324-unit Madison at Schilling Farms community changed hands for $34.3 million in June.

– Madeline Faber

Hyde Capital Pays $15.4M For 3 Midtown Properties

New York-based Hyde Capital has purchased three Midtown properties for a combined $15.4 million.

Rosecrest LLC, a company of Hyde Capital, purchased the Rosecrest Apartments from Northland Rosecrest LLC for $8.5 million in an Aug. 5 warranty deed.

The 122-unit apartment high-rise at 45 S. Idlewild St. was built in 1964 and bears 108,928 square feet. The Shelby County Assessor of Property most recently appraised it at $2.8 million. In conjunction with the sale, Rosecrest LLC took out a $6.6 million loan through Arbor Realty SR Inc. R. Kirkland Moser signed as trustee. The loan matures Aug. 3, 2018, with a potential extension until Aug. 2, 2019.

Hyde Capital, acting as Kimbrough LLC, also purchased the Kimbrough Towers apartment building at 1491 Union Ave. and the adjacent Kimbrough Center retail/office building at 1495 Union Ave. The properties went for $6.9 million. In an Aug. 5 warranty deed Northland Kimbrough LLC sold to Kimbrough LLC, a company of Hyde Capital.

The retail strip was built in 1942 and bears 43,795 square feet. It most recently was appraised at $1.1 million. The 95-unit apartment tower was built in 1938 and bears 86,770 square feet. It most recently was appraised at $2.2 million.

In conjunction with the sale of Kimbrough Tower and Kimbrough Center, Kimbrough LLC signed a $5.7 million loan through Arbor Realty SR. Inc. R. Kirkland Moser signed as trustee. The loan matures Aug. 3, 2018, with a potential extension until Aug. 2, 2019.

Hyde Capital’s Tom Intrator signed both loans as managing member of the respective borrowing entities.

The recent purchases come about five months after Hyde Capital purchased the 208-unit Blair Tower apartments at 810 Washington Ave., less than 2 miles from Kimbrough Towers and about 2 1/2 miles from Rosecrest.

At the time of purchase, Hyde Capital principal Yariv Ben-Sira said the company was planning a $4 million interior and exterior renovation that would make the 11-story Blair Tower “like a Class A, five-star hotel.” That work is now underway.

– Madeline Faber

Co-Branded Hotel Moves Forward in Germantown

A pair of Hilton hotels is headed for Germantown, to be housed under one roof as part of TraVure, a $90 million infill project located off Poplar Avenue in the city’s western gateway zone.

Desai Hotel Group recently filed a $30 million building permit with the city-county Office of Construction Code Enforcement, listing relevant work as a “five-story dual brand hotel” at 6799 Poplar Ave.

Plans for the hotel, which is being constructed by Ridgeland, Miss.-based hotel developer Sunny Desai, were announced in early 2015. It’s the first co-branded hotel in the Memphis area and will include a Hilton Garden Inn and a Home2 Suites by Hilton under one roof.

The 10-acre TraVure project, developed by Gill Properties, also will include a parking garage and an office building as well as retail offerings.

– Madeline Faber

Council Confirms Rallings, Delays Residency Vote

With no debate, Memphis City Council members voted Tuesday, Aug. 9, to approve the appointment of Michael Rallings as the city’s permanent police director at a salary of $219,000 a year.

Still to be worked out is undoing Rallings previously set retirement date so that he can fulfill a pledge to serve through 2019, Memphis Mayor Jim Strickland’s current term of office.

Council member Martavius Jones delayed a final vote on his referendum ordinance that would put a city charter change requiring city government employees to live in the city of Memphis. The third and final reading of the referendum ordinance for the November ballot is now set for the Aug. 23 council meeting.

The deadline for submitting such items for the Nov. 8 ballot is Aug. 25.

The council also approved Tuesday with no discussion the urban renewal plan for the Raleigh Springs Mall. The approval sets the stage for demolition of the 1970s-era mall on the southeast corner of Yale Road and Austin Peay Highway in Raleigh.

The city’s plan is to convert the land into a park with a lake and walking trail. The police traffic precinct will move to the site along with a new police precinct to replace the one at Old Allen Station, the city’s oldest police precinct building. A new library also will be built.

– Bill Dries

MMDC’s Pacello Added To MATA Board

Tommy Pacello has become the newest board commissioner for the Memphis Area Transit Authority.

The Memphis City Council approved Pacello at its Tuesday, Aug. 9, meeting. He succeeds outgoing MATA board commissioner Charles “Chooch” Pickard.

Pacello, an attorney and city planner, currently is executive director of the Memphis Medical District Collaborative. He previously served on the Mayor’s Innovation Delivery Team, a group tasked with developing strategies to address some of Memphis’ most-pressing issues. He started his career as an assistant city attorney representing Memphis in planning, zoning and constitutional law matters.

Mayor Jim Strickland, who nominated Pacello to be a board commissioner, said in a statement that Pacello’s experience makes him a “tremendous fit” for the position.

Pacello said in a statement that he is excited to work with MATA and its stakeholders to help improve mobility and transportation options in the city.

– Madeline Faber

Police: Former Grizzlies PA Announcer Taken Into Custody

The man who was the Memphis Grizzlies’ public address announcer for about the past decade was arrested Tuesday on charges of taking “inappropriate” photos of people at a Memphis church, police said.

Rick Trotter, 40, was taken into custody Tuesday night, Memphis Police Department spokesman Louis C. Brownlee said in a statement.

The Grizzlies said in a statement that Trotter is no longer affiliated with the organization.

The Shelby County Sheriff’s Office website shows a warrant was issued for Trotter on charges of photographing people without consent.

The Downtown Church in Memphis issued a statement on its website saying Trotter was fired as a church employee May 27 because of “deception and moral failures of a sexual nature.” Church officials said “we have responded swiftly as information has emerged, with counsel from trusted professionals.”

Brownlee said police were notified of allegations against Trotter on May 29.

It was not known whether Trotter has a lawyer who could comment on the case.

– The Associated Press

UT Knoxville Sees Largest Freshmen Class in 30 Years

The University of Tennessee in Knoxville says it is welcoming its largest freshman class in at least 30 years.

The university says the class has 4,825 incoming students, marking the sixth consecutive year of freshman growth.

Chancellor Jimmy G. Cheek credits increases in admissions outreach, improvements in academics, student life and campus buildings and grounds for the strong enrollment numbers and the freshman class’s qualifications.

UT says freshmen this year had an average ACT score of 27 and an average high school GPA of 3.89, with 49 percent higher than 4.0. The release said 10 percent of the freshmen are enrolled in UT honors programs.

– The Associated Press

PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220