Welker Properties-Led Partnership Acquires Multifamily Community in Memphis for $25M, Begins $13.5M in Renovations
MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.