
Rosewood Realty Group Sells Memphis 802-Unit Portfolio for $33.1 Million
Rosewood Realty Group, a New York-based investment sales firm, has delivered the $33.1 million sale of a three property portfolio in Memphis with 802 units.
Rosewood’s Founder and CEO Aaron Jungreis represented the seller, The Chetrit Group, and the buyer, Capstone Realty and Management. Earlier this year it was reported The Chetrit Group is selling off properties across the country as it faces default on a $481 million loan.
The Memphis portfolio consists of three properties built in the 1970’s. They include The Lakes at Ridgeway, at 5995 Waterstone Oak Way with 374 units and 759 on-site parking spaces; Stonegate Apartments at 4500 Stonegate Drive with 208 units and 425 parking spots and The Reserve at Mount Moriah at 2778 Pickering Drive with 220 units and 450 parking spots.
The properties feature renovated units, swimming pools, picnic areas with grills, a dog park, clubhouse and greenspaces.