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Capstone pays $33m for Memphis portfolio
Capstone Realty and Management has acquired a three-property multifamily portfolio in Memphis totaling 802 units for $33.1 million, according to multiple media outlets. The seller was The Chetrit Group. Rosewood Realty Brokers represented both parties in the transaction.
The largest asset is The Lakes at Ridgeway, a 373-unit community constructed in two phases, in 1973 and 1975. This property sold for $16.5 million, with a $15 million loan from Roc Capital, according to Yardi Matrix data. It comprises one-, two- and three-bedroom floorplans ranging from 650 to 1,600 square feet. Resident amenities include a waterscape, tennis court, swimming pool and playground. It is located at 5995 Waterstone Oak Way, 15 miles from downtown Memphis and less than a mile from the Hickory Ridge Mall.
Another part of the portfolio, Stonegate Apartments located at 4500 Stone Gate Dr., is a 208-unit community selling for $10.8 million, with a $12.2 million loan from Roc Capital. It in