8285 Irene Blvd.
Memphis 38125

Sale Amount: $39.1 million

Sale Date: Aug. 5, 2016

Buyer: WDC Greens Investment LLC and MEM Greens at Irene LLC

Seller: The Greens at Irene L.P. and the Greens at Irene Phase II L.P.

Loan Amount: $29.4 million

Loan Date: Aug. 5, 2016

Lender: M&T Realty Capital Corp.

Details: 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 Blvd. 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 at Irene 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. Timothy J. Wallen signed as president of Wisconsin Development LLC, the managing company for WDC Greens Investment.
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.

45 S. Idlewild St.

Memphis 38104

Sale Amount: $8.5 million

Sale Date: Aug. 5, 2016

Buyer: Rosecrest LLC

Seller: Northland Rosecrest LLC

Loan Amount: $6.6 million

Loan Date: Aug. 5, 2016

Maturity Date: Aug. 3, 2018

Lender: Arbor Realty SR Inc.

Details: 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 the $9.7 million 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.

6799 Poplar Ave.

Memphis 38138

Permit Amount: $30 million

Owner: Gill Properties

Tenant: Hilton Hotels

Contractor: Desai Hotel Group

Details: 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.