Morgan Properties Buys 500-Unit Memphis Rental Asset
A Morgan Properties affiliate bought a 500-unit apartment complex at 9135 Morning Ridge Road for $56.5 million. Independence Realty Trust was the seller. The Memphis Business Journal reports that Independence Realty purchased the property for $29.8 million in 2014.
Morgan Properties currently owns two local apartment communities in the Memphis area: Crescent at Wolfchase and Waterford Place Apartment Homes.
The Stonebridge Crossing Apartments property sits on about 32 acres in Cordova off of Highway 64 near the I-40 interchange and is just two miles from Wolfchase Galleria.
Stonebridge Crossing was originally built in 1994 and features one-, two-, and three-bedroom units, with rent starting at $990 per month. The site also includes a gym, swimming pool, tennis courts, and dog park. It’s 92% occupied.
Morgan Properties was established in 1985 and now has more than 430 multifamily communities across 22 states.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout