Continental Realty Advisors and MLG Capital Acquire Apartment Community in Memphis, TN
Denver Based Multi-Family Owner/Operator and MLG Capital Purchase 600-Unit Property, The Park at Forest Hill
MEMPHIS, TN — (AUGUST 5, 2016) — Continental Realty Advisors, Ltd. (“CRA”), a Denver-based multi-family investment firm, in partnership with MLG Capital, have completed the acquisition of The Park at Forest Hill. Located in the Germantown/Southwind submarket of Memphis, the 600-unit community was developed in two phases in 2002 and 2007. The property directly benefits from high-profile corporate employment in the submarket, a beautiful country club environment, and a state recognized exemplary school district.
The Park at Forest Hill is strategically positioned twenty minutes southeast of Downtown Memphis along Shelby Drive and Hacks Cross Road. Significant demand-generating corporate employers in the area include FedEx World Headquarters, Nike’s second largest distribution center, International Paper’s Corporate Headquarters, Pan Am International Flight Academy, and TPC Southwind – home to the FedEx St. Jude Classic PGA Tour Event.
CRA and MLG Capital plan to implement a mid-level value-add program designed to capitalize on the beautiful open space and exceptional views that are provided by the community’s unique golf course setting. The Park at Forest Hill’s residents enjoy an irreplaceable quality-of-life factor not found at competitive properties. Plans for the property include enhancements to the fitness center, clubhouse, and pool area, as well as interior upgrades such as new flooring, appliances, lighting, faucets, fixtures, and ceiling fans.
“CRA is very pleased with our recent acquisition of The Park at Forest Hill, a high quality asset purchased at an exceptional discount to replacement cost. The property will strongly complement our 2014 Memphis acquisition of The Preserve at Southwind Apartments. The Germantown/Southwind submarket has consistently ranked as one of the area’s strongest submarkets for economic growth, quality education and multifamily performance. We expect strong submarket demand to continue over the long term horizon.” commented Robert Ireland, CRA Director of Acquisitions.
CRA Chairman David Snyder added, “The combination of MLG Capital and CRA brings together two companies that are known for resourcefulness and opportunistic investing. As we implement our property improvement program, The Park at Forest Hill will become a community known for its lifestyle and amenities, while still providing considerable value for its residents.”
About Continental Realty Advisors
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 www.continentalrealtyadvisors.com
About MLG Capital
MLG Capital offers real estate investment services to accredited institutional or individual investors. Founded on the principal of maximizing client and partner wealth, MLG Capital looks to generate superior investor returns through the meticulous execution of real estate investment strategies. www.mlgcapital.com