Cordova Apartments Sell for $31.1 Million

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VOL. 131 | NO. 55 | Thursday, March 17, 2016

Daily News staff

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555 Wood Arbor Parkway
Memphis, TN 38018
Sale Amount: $31.1 million

Buyer: CEAI Grove LLC
Seller: Trinity 464 LLC
Loan Amount: $4.2 million
Borrower: CEAI Grove LLC
Lender: CBRE Multifamily Capital Inc.
Details: The Grove at Trinity Point apartments have sold for $31.1 million.

In a March 2, 2016, warranty deed, Trinity 464 LLC sold the Cordova property to CEAI Grove LLC. In conjunction with the sale, CEIA Grove signed a certificate of joint venture with Fundrise Real Estate Investment Trust.

R. Lee Harris signed as manager of CEIA Grove and its affiliate LMM Partners LLC.

Kansas-based Cohen-Esry Real Estate Services bears the same registered address as the buying entities. R. Lee Harris is the president and CEO of Cohen-Esry.

CEAI Grove LLC also signed a $4.2 million mortgage for the property. CBRE Multifamily Capital Inc. is listed as the lender.

The property at 555 Wood Arbor Parkway was built in 1986. It has 464 units across 390,515 square feet.

495 Tennessee St.
Memphis, TN 38103
Loan Amount: $19 million
Loan Date: March 8, 2016
Maturity Date: March 4, 2019 & March 4, 2018
Borrower: Brewery Master Tenant
Lender: Pinnacle Bank
Details: Tennessee Brewery momentum continues with a $19 million construction mortgage. In a construction deed of trust signed March 4, developer Billy Orgel signed two loans with Pinnacle Bank, with Brewery Master Tenant listed as borrower.

The loans include $16.7 million with a March 4, 2019, maturity date and a $2.5 million “garage note” set to mature March 4, 2018.

The greater Brewery District planned development includes renovating the historic Tennessee Brewery into bottom-floor retail and 58 apartment units, and 90 units in the yet-to-be-constructed Wash House immediately east of the brewery. Across Tennessee Street will be a 358-space parking garage that connects to the 167-unit Bottle Shop apartment building.

650 Houston Hill Road
Collierville, TN 38028
Permit Amount: $15 million
Owner: Adam Bartlett
Tenant: The Life Church
Contractor: Brasfield & Gorrie LLC
Details: The Life Church is improving its Collierville campus. A $15 million building permit application recently filed with the city-county Office of Construction Code Enforcement lists a new sanctuary facility with associated site work and paving for 650 Houston Hill Road.

The church’s property is near the southwest corner of Houston Hill and South Houston Levee roads, north of the Wolf River.

The application lists Brasfield & Gorrie LLC as the contractor and Adam Bartlett, associate pastor of The Life Church, as the property owner.

The Life Church has three other locations: 1800 N. Germantown Parkway and 255 N. Highland St. in Memphis, and 780 Bolivar Highway in Jackson, Tenn.

810 Washington Ave.
Memphis, TN 38105
Project Cost: $4 million
Owner: Hyde Capital
Details: Development momentum in the Memphis Medical Center has attracted an out-of-town investor looking to jump on the area’s revival. Yariv Ben-Sira, principal with New York-based Hyde Capital, plans to transform the Blair Tower apartment complex at 810 Washington Ave. with a $4 million complete renovation.

The 208-unit Blair Tower was built in 1964 and renovated in 1988. Ben-Sira plans to enhance the existing rooftop swimming pool, fitness center and entertainment lounge and add a lobby with self-serve coffee and a package concierge.

By bringing the complex up to Class A standards, he plans to raise rents $50 to $60.

5485 Victory Lane
Millington, TN 38053
Permit Amount: $7.5 million
Owner: Pollution Control Industry of Tennessee LLC
Tenant: Tradebe Treatment & Recycling LLC
Details: The owner of a hazardous waste facility in Millington is planning some changes.

Tradebe Treatment & Recycling LLC has filed a $7.5 million building permit application with the city-county Office of Construction Code Enforcement for the hazardous waste treatment, storage and disposal facility (TSDF) at 5485 Victory Lane.

The scope of work includes a new outside covered container-storage area and alterations, according to the application, which doesn’t list a contractor.

The Millington facility was opened in 1986 by Pollution Control Industries Inc., which was acquired by Tradebe in 2008. The processing facility totals more than 43,000 square feet and is situated on the west side of Victory Lane north of Fite Road, according to the Shelby County Assessor’s Office, which most recently appraised the property at $1.5 million.

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