LITTLETON, CO - Continental Realty Group through its subsidiary Continental Realty Assets, Ltd. ("CRA"), a Denver-based multi-family investment firm in partnership with MLG Capital (“MLG”), has completed the disposition of The Park at Forest Hill in Memphis, Tenn. The sale price was $64 million.
Located in the Germantown/Southwind submarket of Memphis, the 601-unit community was developed in two phases in 2002 and 2007. The property directly benefits from its proximity to high-profile corporate centers, a beautiful country club environment and an exemplary school district.
“Our definition of a successful investment is one that results in a positive impact for residents while generating strong returns,” said David Snyder, founder & CEO of Continental Realty Group. “This transaction validates the investment thesis of our ‘Vital Portfolio,’ which calls for finding properties in quality locations with fundamental demand factors that allow us to enhance the community while striving to keep rents at an affordable level. We are proud of what we were able to accomplish for both the community and our investors during the holding period.”
“We greatly value our relationship with CRA,” said Timothy J. Wallen, principal and chief executive officer of MLG Capital. “This was a very successful partnership, and we hope we can do more together in the future.”
CRA and MLG purchased the property in 2016 for $39.1 million and undertook a light value-add and rebranding strategy, which included renaming the property from Greens at Irene to Park at Forest Hill. The business plan primarily focused on improving the common areas and amenities while also upgrading select units with items such as new vinyl plank flooring, stainless steel appliance package, kitchen and bathroom cabinet fronts, and all new unit hardware.
“Our asset management team directed over $3.1 million to the improvement of the physical property with a single goal in mind, creating a sense of community. Families and individuals now have both indoor and outdoor multipurpose spaces to gather depending on their needs. We took a property of 50 buildings and created a vibrant neighborhood,” said Snyder.