December 15, 2014
CRA FUND PURCHASES MEMPHIS APARTMENT COMMUNITY
CRA’s (Continental Realty Advisors) recently established Renaissance Apartment Opportunity Fund purchased its second property and the company’s first ever in the southeastern market of Memphis, Tennessee. Preserve at Southwind, a 2000-built Class “A” property containing 306 units, was purchased from DRA Advisors. CRA’s previously established relationship with the Seller helped facilitate the purchase. Preserve is located adjacent to both the Federal Express World Headquarters and the highly regarded Memphis suburb of Germantown. Fogelman Management Group, a longtime CRA management partner, will manage the property for the Fund.
“Preserve at Southwind is a quality addition to Continental’s multifamily portfolio”, said Paul Priebe, Fund Manager at CRA. “We are pleased to begin investment activity in Memphis, especially in the supply constrained Germantown/Cordova submarket. We intend to create a sizeable southeastern portfolio with additional holdings in this Tennessee market. Preserve’s location is within one mile of the 3,300 employee FedEx corporate HQ as well as the 1,100 employee Fortune 500 Thomas & Betts HQ. Likewise, it is in close proximity to over 1 million sf of retail and within the highly desirable Germantown School District, all important factors that should sustain the viability of the area for the long term.”
CRA is planning nearly $1 million in capital improvements on the community during the next 30-36 months in an effort to enhance the lifestyle of community residents. CRA anticipates long-term upside rental growth with its planned capital improvements.
ABOUT CRA: Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations. For more information on the company’s market focus and acquisition criteria, please visit our website at www.continentalrealtyadvisors.com.