Rosewood Realty Group sells Memphis 802-unit portfolio for $33.1 million

Memphis, TN Rosewood Realty Group, a new York-based investment sales firm, has delivered the $33.1 million sale of a three property portfolio with 802 units.

Rosewood's Founder and CEO Aaron Jungreis represented both the seller, The Chetrit Group, a New-York based real estate development and ownership firm and the buyer, Capstone Realty and Management, a Lakewood, New Jersey-based real estate investment and management firm.

The portfolio consists of three, two-story properties built in the 1970s: The Lakes at Ridgeway, at 5995 Waterstone Oak Way with 374 units and 759 on-site parking spaces; Stonegate Apartments at 4500 Stonegate Dr. with 208 units and 425 parking spots and The Reserve at Mount Moriah at 2778 Pickering Dr. with 220 units and 450 parking spots.

The properties feature renovated units, swimming pools, picnic areas with grills, a dog park, clubhouse and greenspaces.

"These properties are located in areas that continue to experience a strong uptick in job growth and rent growth," said Jungreis. "Residents of the properties benefit from being proximal to some of Memphis' most renowned employers and access to the city's top luxury amenities."

"The portfolio proves a compelling value-add opportunity," said Jungreis. "The property suffered from a lack of capitalization and an absence of management."

Earlier this year it was reported that The Chetrit Group is selling off properties across the country as it faces default on a $481 million loan covering 43 properties.