October 5, 2017
Coastal Ridge Real Estate, in partnership with H. Katz Capital, paid $56.6 million for The Preserve at Forest Creek, a 414-unit apartment community in Memphis, TN. The Class A apartment community, located at 9230 Thornbury Blvd.,was acquired from LivCor, a wholly-owned subsidiary of Blackstone.
Built in 2008, The Preserve at Forest Creek offers 108 one-bedroom/one-bathroom units, 246 two-bedroom/two-bathroom units and 60 three-bedroom/two bathroom units … with monthly rents ranging from $929 to $1,518. The community features a spacious clubhouse with a bar, heated swimming pool, an indoor sports court, state-of-the-art fitness center, lighted tennis court, playground and detached garages.
This marks Coastal Ridge’s first acquisition in Tennessee and 17th acquisition in partnership with H. Katz Capital. ARA’s Blake Pera represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser