VOL. 132 | NO. 184 | Friday, September 15, 2017
Southeast Shelby County Apartments Sell for $56M
By Patrick Lantrip
Preserve at Forest Creek, a sprawling southeast Shelby County apartment complex, has switched hands for more than $56 million.
In the deal, Blackstone, a New York City investment firm doing business as BRE Piper MF Forest Creek TN, sold the roughly 36-acre property to Columbus, Ohio-based investment management firm Coastal Ridge Real Estate doing business as PFC Memphis Borrowers for $56.6 million, according to a warranty deed filed on Sept. 14 with the Shelby County Register of Deeds.
Melissa Pianko, Blackstone’s managing director of real estate, signed the deed on behalf of the sellers.
Located at 9230 Thornbury Blvd. near Forest Hill Irene Road and Bill Morris Parkway in unincorporated Shelby County the more than 453,000 square foot apartment complex was built in 2008 and last appraised for $49 million in 2017, according to the Shelby County Assessor of Property.
Since the property is located in the Memphis Annexation Reserve Area, the owner has petitioned the City of Memphis to annex the property, the warranty deed noted.
Founded in 2013 by the principals of Manhattan Partners and Peak Property Group, Coastal Ridge Real Estate’s portfolio includes approximately 11,600 student beds and 2,850 apartment units across the country, with assets under management totaling over $1.2 billion, according to its website.
Meanwhile, Blackstone claims to be the largest real estate private equity firm in the world with $104 billion of assets under management and major holdings that include Hilton Worldwide in North America, Logicor in Europe and SCPG in China, according to their website.