TAMPA, FL – Memphis’s 200-unit Country Oaks Apartments and the 304-unit Prosper Hattiesburg Apartments were purchased for $10.6 million and $22 million respectively by Group Affiliates of Tampa-based Blue Magma Residential LLC, announced Reuven Oded, its Managing Partner. The management company, through its affiliates, co-owns or manages over 10,000 apartment units in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
Country Oaks Apartments, located at 6536 S. Country Oaks Circle in southeast Memphis, is being re-branded and marketed as The Park at Hollyford. Memphis is home to Fortune 1000 giants FedEx, International Paper, AutoZone, and ServiceMaster, he noted. The upscale Prosper Hattiesburg community, located at 200 Foxgate Avenue near The University of Southern Mississippi campus, will become The Park at Mayfield.
With 98 percent and 92 percent occupancy, respectively, at closing on July 30 and August 2, the Country Oaks and Prosper Hattiesburg communities will undergo approximately $2.6 million and $3.4 million of interior and exterior upgrades, said Oded.
In making the announcement, Oded stated, “We at Blue Magma are bullish on the Memphis MSA and the Gulf States region as well. Hence, we are aggressively pursuing other value-add opportunities in these markets.” Concluding, Oded added, “Ranked fourth nationally among Time magazine’s Cities Where Millennials are Moving, Memphis’s 33.8-year median age is definitely a major driver. Similarly, Hattiesburg currently ranks first in job growth in Mississippi which is especially attractive as well. It is home to Camp Shelby, the nation’s largest Joint Forces Training Center, The University of Southern Mississippi and its research hospital facilities, and a high quality of life at relatively low cost.”
The Memphis transaction was brokered by Multifamily Capital Markets. Financing was provided through Regions Bank.
The Hattiesburg, Miss., transaction was brokered by Andrew Brown, Senior Associate of Cushman & Wakefield’s Gulf States Team in its Birmingham, Ala., office. Financing was provided through Regions Bank.
To learn more about Blue Magma Residential, including its third-party management services, contact Reuven Oded at (813) 620-0800.
Blue Magma Residential’s headquarters is located at 5650 Breckenridge Park Dr., Suite 302, Tampa, Florida. Visit Blue Magma Residential’s website at www.bmresidential.com