REBusinessOnline

Coastal Ridge, H. Katz Capital Purchase Apartment Asset in Memphis for $56.6M

The Preserve at Forest Creek in Memphis, Tenn., offers one-to three-bedroom units with rents ranging from $929 to $1,518.

MEMPHIS, TENN. — Coastal Ridge Real Estate, in partnership with H. Katz Capital, has purchased The Preserve at Forest Creek, a 414-unit apartment community in Memphis, for $56.6 million. The joint venture acquired the asset from LivCor, a wholly owned subsidiary of Blackstone. Constructed in 2008, The Preserve at Forest Creek offers one- to three-bedroom units with monthly rents ranging from $929 to $1,518. Community amenities include a clubhouse with a bar, heated swimming pool, indoor sports court, fitness center, lighted tennis court, playground and detached garages. Located at 9230 Thornbury Blvd., the property is situated at the entrance to the Noncannah Technology Corridor, which is anchored by FedEx’s World Headquarters and FedEx’s World Tech Campus.

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