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Columbia, Memphis Properties in $67M Multifamily Portfolio Buy
Colliers has arranged the $66.9 million acquisition and repositioning financing for a six-property, 933-unit multifamily portfolio located across Columbia, SC (four properties) and Memphis, TN (two properties).
A Colliers team of John Broderick, Jeff Black, Sean Burke, Bryan Koop, Chris Chou and Chris Moore represented Lexington Partners, LLC, and LAZ Investments to secure the loan from Ready Capital Corporation.
Four garden-style apartment developments — Copperfield Apartments, Creekside Place, Retreat at Broad River and Riverbanks Retreat — are situated in the West Columbia neighborhood.
The two Memphis mid-rise apartment developments, Azur Tower and SoMa Apartments, are both located within the Memphis medical district.
Lexington Partners, as the new owner, plans to carry out a major renovation of the portfolio. The wide-ranging capital improvement project will substantially upgrade the apartment units, common areas, parking lots and exterior of the properties, including replacing walkways and decks to create a homey environment.
Photo: Azure Tower
- ◦Sale/Acquisition
