DENVER, CO - Continental Realty Advisors (CRA), a Denver-based owner of multifamily communities nationwide, announced the sale of the 306-unit The Preserve at Southwind Apartments in Germantown, a suburb of Memphis. CRA improved the property with practical upgrades to common areas and amenities, as well as light renovations to most of the units.
“The Preserve at Southwind was CRA’s initial investment in the Memphis market and the Germantown submarket where we have since purchased an additional 600-units. The property was a successful investment and we remain active buyers in select locations in Memphis like Germantown, Bartlett, Collierville and others. Local schools and solid employment nearby were major demand drivers for the property. We implemented a light value-add program that was perfect for the property and well received by our residents,” said David Snyder, chairman of CRA. “The successful disposition of The Preserve is a reflection of advanced market research and a solid business plan by our asset-management team.”
Built in 2000, The Preserve is strategically located one mile south of the FedEx World Headquarters, one of the most notable corporate addresses in Memphis. Acquired by CRA in December 2014, the property underwent renovations to the clubhouse/leasing center, fitness center, and pool area. CRA also implemented a light unit renovation program that consisted of upgraded flooring, appliances, cabinets and lighting fixtures. The sale of The Preserve at Southwind was brokered by Blake Pera of Newmark Knight Frank in Memphis. Sale of the property closed in December 2018.
“CRA remains an active investor in multifamily properties nationwide, and we continue to look for opportunities to acquire additional assets within select locations of opportunistic markets,” said Robert Ireland, director of acquisitions for CRA.
Since December 2018, CRA has sold four multifamily properties totaling in excess of 1,400 units located within four markets across the country. The total sale price of these four assets was in excess of $200 million, which represents a substantial gain to CRA investors over the average hold period of three-and-a-half years.