VOL. 132 | NO. 152 | Wednesday, August 2, 2017
Cordova Apartment Community Sells for $27.9M
By Patrick Lantrip
The Charleston, a 284-unit apartment community on the east side of Houston Levee Road just south of U.S. 64, has sold in a $27.9 million deal.
In the transaction, Peak Capital Partners, doing business as PC Charleston LLC, purchased the 24-acre parcel from local developer Wesscorp Communities, doing business as Charleston HL Apartment Community LLC. Charles W. Misenhelter, signed the deed on behalf of the sellers.
The 379,731-square-foot complex, locatd at 2851 N. Houston Levee Road, was last appraised for $23.1 million in 2017, according the Shelby County Assessor of Property.
Wesscorp began working on the project in June 2016 and wrapped up construction in November, according to the company's website.
In conjunction with the purchase, Jeff Danley, Peak Capital’s founder and managing partner, took out a $22.1 million mortgage with KeyBank on behalf of PC Charleston.
The Charleston's sale is the final piece in Peak Capital's acquisition of five Wesscorp apartment communities that was announced in February 2016.
The other four properties – The Orleans at Walnut Grove, Grahamwood Place Apartments and Pinebrook Pointe Apartments in Memphis, along with Angelo's Grove in Marion, Arkansas – were existing communities whose sale closed within a few months of the announcement. But because The Charleston was still under construction, the closing for its sale was delayed.