Wogan Group Secures 88-Unit Memphis Apartment Community for $13M

Charlotte, NC-based Capstone Apartment Partners has closed the $12.5-million sale of Ironworks, an 88-unit apartment community in Memphis, TN. According to the company, at $142,045 per unit the transaction sets a record high price per unit in the 38105 zip code, which was previously $81,250 per unit.

Luke Searcy, Adam Klenk, Tyler Mayo and Jordan Arand of Capstone represented the seller, Pendleside Holdings. Memphis-based Wogan Group acquired the asset.

Prior to selling Ironworks, Pendleside implemented a transformational interior renovation program over the last two years encompassing 77 out of 88 total units. Wogan Group plans to continue upon the existing value-add program and complete upgrades on the remaining 11 unrenovated units.

The 1966-vintage Ironworks is comprised of one- and two-bedroom units. The community is located within Memphis’ Medical District and is within walking distance of nearly 30,000 jobs in six major medical institutions.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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