MEMPHIS, TN—Capstone Apartment Partners has facilitated the $39 million sale of Cedar Run: a 416-unit multi-family asset in Memphis, Tennessee. Closing at $93,750 per unit, this transaction sets the new record price per unit in the 38115 zip code.

Capstone’s Jonathan Hawks, Luke Searcy, Adam Klenk, and Tyler Mayo sold the property on behalf of EMET Capital, who completed full-scope interior renovations on 279 units over the last four years. The buyer, Fortune Investment Group, plans to continue EMET’s renovation program on the remaining third of units.

Built in 1975, Cedar Run is comprised of one-, two-, and three-bedroom apartment homes. Amenities at the gated community include a resort-style swimming pool, clubhouse, business center, playground, sports court, soccer field, Amazon lockers, and picnic areas. Renovated units boast wood-style flooring, new wood cabinetry, upgraded hardware and light fixtures, updated plumbing fixtures, and fresh paint throughout.

Cedar Run is situated in East Parkway Village directly off Bill Morris Parkway, offering immediate access to major employment and retail nodes of southeast Memphis and Germantown. The community was approximately 98.5% occupied at the time of closing.