VOL. 132 | NO. 11 | Monday, January 16, 2017
Germantown Apartment Complex Sells for $32M
Whitney Management Corp., a Texas-based apartment management company, recently added to its Memphis portfolio with the purchase of a 252-unit apartment complex in Germantown.
The Bridges at Germantown Apartments, located at 7491 Wyndhurst Place, was sold to Whitney Management Corp, acting as Whitney Bridges LLC, for $32 million by VA Germantown LLC, a New York-based company who bought the property in 2012 for $23.1 million, according to the Shelby County Register of Deeds.
Noel G. Belli signed the Jan. 12 warranty deed on behalf of VAF Manager Inc., acting as VA Germantown.
On the same day as the sale, Whitney Bridges LLC took out a $25 million mortgage through Jones Lang LaSalle Multifamily LLC. D. Garry Munson, the chairman of Whitney Management Corp., signed the mortgage on behalf of Whitney Bridges LLC.
The 284,384-square-foot Class A apartment complex was built in 1996 and sits on 27.7 acres, according to the Shelby County Assessor of Property. It was last appraised for $20.8 million in 2016.
In addition to the Bridges at Germantown Apartments, Whitney Management Corp.’s Memphis portfolio includes the 125-unit Countryside North Apartments, located at 6934 Country Manor Drive, and the 242-unit Renaissance Apartments, located at 99 N. Main St.
– Patrick Lantrip
Former Collierville Church Sells for $500,000
The building that formerly housed Orchard Fellowship Church, located at 140 S. Main St. in Collierville, has been purchased by Chris Dickens and Associates LLC for $500,000.
Brian Califf with NAI Saig Co. represented the seller, while Patrick Walton with Commercial Advisors represented the buyer.
Built in 1989, the 82,000-square-foot building sits on 0.6 acres of land near the intersection of Main and Neely streets in Collierville. The Shelby County Assessor of Property appraised it at $361,200 in 2016.
Chris Dickens founded Dickens Built, a Collierville-based land development and homebuilding company, in 2006, and is the son of well-known developer Doug Dickens.
– Patrick Lantrip
Crosstown Creator Named ‘Communicator of the Year’
Crosstown Concourse visionary Todd Richardson has been named the Communicator of the Year by the Memphis chapter of the Public Relations Society of America.
Richardson was chosen in part for the exceptional communication skills he demonstrated by spearheading the much-anticipated Crosstown Concourse, a project that many people deemed impossible just a few years ago.
Speakers at the luncheon included Church Health's founder and CEO, Dr. Scott Morris and Joel Hapern, a partner and director of strategy for Loaded for Bear.
According to the local wing of PRSA, which is now in its 40th year, the Communicator of the Year award is given to a member of the community who “exhibits the ability to communicate effectively to general or specific publics; has public visibility as a communicator; is a respected member of the community; and invests his or her time and talent communicating a specific message or messages.”
– Patrick Lantrip
Meritan Receives Senior Tech-Training Grant
Meritan Inc. has received a $15,564 grant to fund technology training for seniors 60 and older who participate in the Memphis-based nonprofit’s Senior Community Service Employment Program.
The grant, awarded by the Serving Tennessee’s Seniors initiative and administered by the Community Foundation of Middle Tennessee, is designed to help older adults improve their job-readiness skills and find employment. The tech training will focus on the use of iPads and Android tablets.
Enrollees in the Senior Community Service Employment Program do much of their training at local community service agencies. More than 30 agencies work with SCSEP participants, including the American Red Cross, the Mid-South Food Bank, the National Civil Rights Museum and St. Luke Community Center.
Meritan was selected for the grant from among nearly 125 applicants.
“With this grant, older workers will receive much-needed technology training to enhance their job readiness skills,’’ Meritan president and CEO Melanie Keller said in a statement. “Such training also helps older workers remain active and healthy by being connected to their community.”
Keller added that SCSEP participants also are helping the participating faith-based and public agencies fulfill their mission.
– Daily News staff
Orion FCU Hires New Information Technology VP
Orion Federal Credit Union has hired Floyd Brummett as its new vice president of information technology.
He’ll lead Orion’s IT function and play a key role in shaping the technology agenda. He will strategically direct the credit union’s technology infrastructure and information systems department.
Brummett joins Orion with more than 20 years’ experience in information technology and payment systems. He most recently served as vice president of IT and payment systems at FedEx Employees Credit Association, a role he held for 12 years.
– Andy Meek