Balfour Beatty communities enter the Memphis market with multifamily acquisition
Balfour Beatty Communities has successfully acquired Preserve at Southwind, a 306-unit apartment community located in Memphis, Tennessee.
The latest addition to Balfour Beatty Communities’ multifamily portfolio was completed as part of a joint venture with ApexOne Investment Partners and American National Insurance Company and marks the Company’s first foray into the Memphis residential market. Newmark Knight Frank served as the broker for the acquisition.
Built in 2000, Preserve at Southwind offers 1-, 2- and 3-bedroom apartment units ranging from 700 to 1434 square feet of living space. Located in the desirable Germantown/Collierville area, the community offers convenient access to major business hubs including FedEx World Headquarters and the World Technology Centre, as well as the Memphis International Airport.
“We are excited to enter the Memphis market with the acquisition of Preserve at Southwind,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The area shows considerable promise for continued growth, creating increasing demand for well-located, quality apartment homes. We look forward to capitalising on that demand through a series of targeted property renovations and our world-class management services.
Property management services will be provided by Balfour Beatty Communities as they work to reposition Preserve at Southwind as a best-in-class apartment community to serve the concentration of professionals working in the area’s thriving business district. Renovations will include updates to apartment home interiors, amenities and common areas.