MLG Capital Sells The Park At Forest Hill in Memphis, Tennessee

Tags: Dispositions News
MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, in partnership with Continental Realty Group, through its subsidiary Continental Realty Assets, Ltd. (“CRA”), a Denver-based multi-family investment firm, have completed the disposition of The Park At Forest Hill, a 601-unit multifamily property built in 2002/2007 in Memphis, Tennessee. The sale price was $64 million.

Located in the Germantown/Southwind submarket of Memphis, the 601-unit community was developed in two phases in 2002 and 2007. The property directly benefits from its proximity to high-profile corporate centers, a beautiful country club environment, and a state recognized exemplary school district.

Transaction Highlights:

MLG and CRA purchased the property in 2016 for $39.1 million and undertook a light value-add and re-branding strategy which included renaming the property from ‘Greens at Irene’ to ‘Park at Forest Hill’. The business plan primarily focused on improving the common areas and amenities, while also upgrading select units with items such as new vinyl plank flooring, stainless steel appliance package, kitchen and bathroom cabinet fronts and all new unit hardware.

The asset management team directed over $3.1 million to the improvement of the physical property with a single goal in mind, creating a sense of community.  Families and individuals now have both indoor and outdoor multipurpose spaces to gather depending on their need.  We took a property of 50 buildings and created a vibrant neighborhood.

Investment Insights to Keep You Ahead

  • news image

    Core Markets Series: Midwest

  • news image

    The MAD Initiative: SecureFutures

    Our CEO, Tim Wallen, often says that education is the foundational element to helping the youth get ahead in life; and with 75% of American teens stating that they lack...

  • news image

    How to Prepare for Tax Season: 2022 Edition 

    It’s that time again, tax season is upon us! At MLG Capital, we understand the benefits that taxes, specifically as they relate to real estate investment, can provide for us...