Capstone Apartment Partners Brokers $8.3M Sale of Shelby Grove Apartments in Memphis
MEMPHIS, TENN. — Capstone Apartment Partners has brokered the $8.3 million sale of Shelby Grove Apartments, a 13-building, all-brick apartment community situated on 6.5 acres off at 6357 Shelby Briar Drive in Memphis. Luke Searcy, Austin Heithcock and Adam Klenk of Capstone led the transaction. Sante Realty Investments was the seller, which acquired the asset in 2017. The buyer was EPH Properties.
Built in 1999, Shelby Grove includes 98 two-bedroom units and was approximately 94 percent occupied at the time of sale. Each apartment home includes a fully equipped kitchen, ceiling fans and washer/dryer connections.
The buyer plans to complete upgrades on 72 remaining unrenovated units by updating appliances, flooring, countertops and fixtures. Shelby Grove is EPH’s first investment in the Memphis market. In total, EPH has invested in more than 1,000 multifamily units and 15 commercial properties in nine markets across the United States.