Source:
Memphis Business Journal
The 142-unit Chardonnay Apartments in Germantown has been sold for $6.2 million, or $43,387 per unit, according to CB Richard Ellis.
Blake Pera and Steve Rudesill of CB Richard Ellis Memphis' multifamily division facilitated the sale to a local investment group, which plans one of the "most extensive apartment renovation projects ever in the Memphis area."
LEDIC Management Group will manage the property and provide construction supervision for the owner.
The multifamily division of CB Richard Ellis Memphis specializes in brokerage and market research of multifamily real estate. The division serves Memphis, Jackson, Little Rock and Jackson, Miss. The Memphis division, which was founded in 1986, employs about 100 people locally.
The Chardonnay property has a mix of multiple-bedroom flat units and townhouses. Although the renovation will not change the unit mix, the interiors and exteriors will be completely stripped and rebuilt. The walks and drives will be removed and replaced with new asphalt and concrete walkways.
The new owner has filed with the Germantown Planning Commission for a major renovation project, and is expecting final approval on July 27, according to Ellis vice president Pera.
CB Richard Ellis Services, Inc., is the world's largest commercial real estate services firm in terms of 2002 revenue. CB Richard Ellis has 13,000 employees in nearly 300 offices in 50 countries.
