Apartment complex acquired for $1.7M
01.03.2007
Capital Growth Corp. of Utah has purchased the 118-unit Royal Knight Apartments in the East Winchester area for $1.7 million. Blake Pera and Tommy Bronson III of CB Richard Ellis Memphis Multifamily represented Capmark Finance Inc., the seller of the property.
Capital Growth Corp. of Utah has purchased the 118-unit Royal Knight Apartments in the East Winchester area for $1.7 million.
Blake Pera and Tommy Bronson III of CB Richard Ellis Memphis Multifamily represented Capmark Finance Inc., the seller of the property.
Royal Knight Apartments, located on Knight Arnold Road, is east of Memphis International Airport.
"The buyer has some great ideas for the property and will add immediate value to the asset," said Bronson, vice president at CB Richard Ellis, in a statement. "Royal Knight already enjoys great curb appeal, so it will be great to see someone revitalize the entire community."
Royal Knight's 118 units have nine floorplans averaging 841 square feet with an average rent of $503 per unit.
The Royal Knight acquisition adds to Capital Growth Corp.'s other Memphis multifamily holdings, which include Shadowbrook Townhomes, Hickory Forest Apartments and Hickory Hills Apartments.
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