VOL. 133 | NO. 144 | Monday, July 23, 2018
Affordable Housing Management Firm Buys Two Memphis Apartment Complexes
One of the fastest-growing affordable housing property management companies in the U.S. has entered Tennessee with the purchase of two Memphis apartment properties.
Denver-based Monroe Group bought the 150-unit Keystone Landing Apartments, located at 4266 Ridgestone Drive in Raleigh, from Keystone Landing Apartments LLC for $6.5 million. It purchased the 120-unit Pendleton Apartments, located at 1764 Pendleton St. near Cherokee Park, from Pendleton Apartments LLC for $6 million.
The transactions closed Tuesday, July 17, by Monroe Group affiliate Steele Properties LLC, founded in 2006 to conduct all of the company’s real estate development and property acquisitions.
According to the company's website, Monroe prides itself on strengthening and rebuilding housing communities, transforming them into vibrant places to live and work.
Both of the properties sold for more than double their last appraisal price.
Pendleton Apartments was appraised for $2.8 million and Keystone Landing Apartments at $3 million in 2018, according to the Shelby County Assessor of Property.
The real estate management company is buying the distressed multifamily assets by way of the Health, Educational, and Housing Facility Board of Memphis, a public corporation authorized by state law to issue tax-exempt revenue bonds other financing vehicles for the development of multifamily housing facilities.
The buyer also plans to close on a payment-in-lieu-of-taxes benefit for the two properties, according to the HEHFB’s latest board minutes.
Monroe Group is an affordable housing management company with more than 55 multi-unit properties in 17 states, not including Tennessee. The company was founded in 1982.
– Daily News staff
Violent Crime Drops in First Half of 2018, While Property Crime Rises
Major violent crime in Memphis and across Shelby County dropped in the first six months of 2018 compared to the first six months of 2017, according to the most recent statistics released by the Memphis Shelby Crime Commission and the University of Memphis Public Safety Institute.
Each of the four categories that make up the major violent crime category were down through the end of June compared to a year ago. Overall, the major violent crime rate decreased 8.1 percent in Memphis and decreased 6.4 percent countywide.
Two of the three categories that make up the major property crime rate were up for an overall property crime rate increase of 4.3 percent in the city and an increase of 5.5 percent countywide.
The increase was driven for the most part by a spike in motor vehicle thefts, which were up 18.4 percent in the city and 21.1 percent countywide.
The property crime category that decreased from a year ago was burglaries, which dropped 11.2 percent in Memphis and 8.6 percent countywide.
“Statistically, the number of violent crimes is down, but as long as there is one citizen that falls victim to a crime, there is more work to be done,” said Memphis Police director Michael Rallings.
Bill Gibbons, executive director of the University of Memphis Public Safety Institute and president of the crime commission, added, “We have a long way to go to get where we need to be, but the drop in the violent crime rate and in the burglary rate is especially encouraging.”
– Bill Dries
$1.7M Permit Application Filed for Whitehaven High
A building permit application valued at $1.7 million was filed for Whitehaven High School Thursday, July 19.
The permit application was for “renovation of boys and girls locker rooms and new chiller.”
The engineer listed on the permit application is O.T. Marshall Architects. Whitehaven High School is located at 4851 Elvis Presley Blvd.
– Daily News staff
First Tennessee’s Gatti Named to Emerging Leaders Network
First Tennessee Bank workforce management strategy manager Malerie Gatti has been selected to the BAI Emerging Leaders Network, a professional development network designed to foster the future leaders of the financial services industry.
Gatti is one of 100 members from around the world with fewer than 10 years of experience in the industry accepted by BAI, which will provide learning, mentoring, networking and recognition opportunities to aid their growth.
“I am honored to be selected for the BAI Emerging Leaders Network and I look forward to the professional development opportunities offered by this program,” Gatti said in a statement. “I look forward to implementing what I learn through BAI in my career journey at First Tennessee.”
– Patrick Lantrip
Memphis Football Fan Events on Aug. 11, Aug. 24
The University of Memphis Athletic Department announced a pair of fan-oriented events around the 2018 fall camp. On Saturday, Aug. 11, the Tigers will host Football Fan Fest on the Park Avenue Campus. The open practice will feature an equipment sale, an open scrimmage and an autograph session.
On Friday, Aug. 24, the Highland Hundred, which is celebrating its 60th season, is hosting its annual Football Kickoff Party from 6 p.m. to 10 p.m. at Memphis Botanic Garden. Additional information can be found on HighlandHundred.org.
Football Fan Fest will be held on the University of Memphis' Park Avenue campus with the scrimmage and autograph session taking place on the South Campus fields. The equipment sale will run from 4 p.m. to 6 p.m., while the scrimmage begins at 4:20 pm. The post-scrimmage autograph session is scheduled for 6 p.m. Admission and parking are free, and fans are asked to park in the left field parking lot of FedExPark.
– Don Wade