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VOL. 132 | NO. 34 | Thursday, February 16, 2017

Luxury Apartments Begin $17 Million Expansion

By Patrick Lantrip

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3333 Hacks Cross Road, Memphis, TN 38125: Fieldstone Apartment Homes, a gated community in southeast Memphis, is in the process of another massive expansion.

Permit Amount: $9.7 million (combined)

Project Cost: $17 million

Application Date: February 2017

Completion: 2018

Owner: Lightman Majestic Retail Co.

Tenant: Lightman Majestic Retail Co.

Architect: Kelly Grossman

Contractor: Patton & Taylor Construction

Details: Fieldstone Apartment Homes, a gated community in southeast Memphis, is in the process of another massive expansion.

More than $9.7 million in building permit applications have been filed with the city-county Office of Construction Code Enforcement to expand the complex by 139 units and add seven apartment buildings, several detached garages, a dog park and a fourth swimming pool.

The permit applications list Patton & Taylor Construction as the contractor, Estes Parker & Associates as the engineer, and Kelly Grossman as the architect.

Lightman Majestic Retail Co. was listed as both owner and tenant.

According to developer Michael Lightman Jr., the permits are part of a roughly $17 million expansion effort that will begin construction in the spring.

“Once we break ground, generally a project of this size will take just a little bit over a year,” Lightman said.

This latest phase of construction is set to begin just as Fieldstone wraps up its previous 118-unit expansion.

Lightman said it is important that this expansion maintain the heavily wooded complex’s country feel by reducing the density of the units to allow for more trees.

“We really wanted to work with the natural topography,” he said.

The luxury apartment complex, which started off in 1998 with 324 units, has since grown to 1,142 units. It sits on 120 acres on Hacks Cross Road between Players Club Parkway and Tournament Drive, which is less than a mile from TPC Southwind and FedEx’s world headquarters. The latest round of construction will bring Fieldstone up to 1,399 units.

1422 Lamar Ave.

Memphis, TN 38104

Sale Amount: $2.3 million

Sale Date: Feb. 3, 2017

Buyer: Talus Properties Inc.

Seller: Harvard Stephens and Barbara Nabrit-Stephens

Loan Amount: $1.8 million  

Loan Maturity Date: Feb. 16, 2022

Borrower: Talus Properties Inc.

Lender: Wells Fargo Bank N.A.

Details: A Central Gardens high-rise apartment switched hands for a cool $2.3 million, according to Marcus & Millichap, the commercial real estate investment sales, financing, research and advisory company that brokered the deal.

The Continental Apartments, a 70-unit property located at 1422 Lamar Ave., was built in 1959 on 1.9 acres.

Curtis Braden, a senior associate investment specialist with Marcus & Millichap’s Memphis office, had an exclusive listing for the property on behalf of the seller and was able to secure a developer, whom he also represented, to purchase the building.

According to a Feb. 3 warranty deed, Harvard Stephens and his wife, Barbara Nabrit-Stephens, sold the property to Colorado-based Talus Properties Inc.

A $1.8 million mortgage from Wells Fargo Bank N.A. was also granted to Talus Properties in conjunction with the purchase, according to the Shelby County Register of Deeds.

The loan, which will mature on Feb. 16, 2022, was signed by Jay Christopher Robbins, the president of Talus Properties.

The property was last appraised by the Shelby County Assessor of Property in 2016 for $1.1 million.

Founded in 1971, Marcus & Millichap has more than 1,600 investment sales and financing professionals located throughout the U.S. and Canada.

1365 Tower Ave.

Memphis, TN 38104  

Permit Amount: $403,657

Application Date: February 2017

Owner: Crosstown Concourse

Tenant: Crosstown High School

Architect: ANF Architects

Contractor: Grinder, Taber & Grinder Inc.

Details: Crosstown High School is the latest tenant of the highly anticipated Crosstown Concourse to file for a building permit application with the city-county Office of Construction Code Enforcement.

The $403,657 permit for 1365 Tower Ave. lists tenant infill under the description.

Grinder, Taber & Grinder Inc. was listed as the contractor, and the architect is ANF Architects.

Last week, two other Crosstown tenants, The Curb Market and Tech901, filled similarly priced permits that also listed Grinder, Taber & Grinder as the contractor.

In August, Shelby County Schools board members approved Crosstown High as a charter school. In January, Chris Terrill, an educator from Mooresville, North Carolina, was named as the school’s first executive director.

Crosstown High, which is the result of a partnership with Christian Brothers University, will open in the 2018-2019 academic year for grades 9-12 with a capacity for 500 students.

1350 Concourse Ave.

Memphis, TN 38104

Permit Amounts: $1.5 million and $850,000

Application Date: February 2017

Owner: Crosstown Concourse

Tenants: nexAir and Crosswood LLC

Architect: Looney Ricks Kiss

Contractor: Grinder, Taber & Grinder Inc.

Details: Two more Crosstown Concourse tenants are laying the groundwork for their big move into the ambitious Midtown mixed-use tower.

Grinder, Taber & Grinder Inc. filed a $1.5 million building permit application for tenant infill with the city-county Office of Construction Code Enforcement for nexAir, which specializes in welding equipment and industrial and medical gases.

Grinder, Taber & Grinder also applied for a $850,000 building permit for Crosswood LLC that lists “retail whitebox work” in the description.

Looney Ricks Kiss was named the architect for both projects at 1350 Concourse Ave.

Crosswood and nexAir are the fourth and fifth future Crosstown Concourse tenants to apply for building permits in a little over a week.

881 Madison Ave.

Memphis, TN 38103

Permit Amount: $3.7 million

Application Date: February 2017

Owner: University of Tennessee

Tenant: University of Tennessee

Contractor: Barnes & Brower Inc.

Details: The University of Tennessee has filed a $3.7 million building permit application with the city-county Office of Construction Code Enforcement.

The permit calls for a build-out of the sixth floor, and lists Barnes & Brower Inc. as the contractor.

The site is listed as 881 Madison Ave., which is home to the University of Tennessee College of Pharmacy.

Rusty Foster with Evans Taylor Foster Childress was named as the architect.

PROPERTY SALES 70 70 1,045
MORTGAGES 79 79 1,199