Rosewood Realty Group, a New York-based investment sales firm, recently completed the sale of a three property portfolio in Memphis with 802 units for $33.1 million. Rosewood’s Founder and CEO Aaron Jungreis represented both the seller, The Chetrit Group and buyer Capstone Realty and Management.
The Memphis portfolio consists of three properties built in the 1970’s: The Lakes at Ridgeway (5985 Waterstone Oak Way) with 374 units and 759 on-site parking spaces; Stonegate Apartments (4500 Stonegate Drive) with 208 units plus 425 parking spots; The Reserve at Mount Moriah (2778 Pickering Drive) featuring 220 units alongside 450 parking spots. All properties boast renovated interiors as well as amenities such as swimming pools, picnic areas equipped with grills, dog parks, clubhouses and greenspaces for residents to enjoy.
Earlier this year it was reported that The Chetrit Group is selling off assets across the country due to defaulting on a $481 million loan – making this recent sale an important milestone for all parties involved in closing this deal successfully despite challenging market conditions
