MEMPHIS, TN—Capstone Apartment Partners has brokered the $8.25 million sale of Shelby Grove Apartments. The 98-unit community is located off Summer Ave near Memphis Memory Gardens, with 13 all-brick apartment buildings situated on 6.53 acres.
The Capstone Apartment Partners transaction team was led by Luke Searcy, Austin Heithcock, and Adam Klenk.
“The sale of Shelby Grove has set a new price per unit high watermark for Memphis’s Bartlett submarket and is another testament to the influx of ‘coastal’ dollars chasing Memphis multi-family,” said Searcy.
The seller is Sante Realty, who acquired the asset in 2017.
“Luke and the Capstone team were fantastic to work with. They did what they said they were going to do when they said they were going to do it, which made the sale very easy for our team,” said a representative of Sante.
The buyer, EPH Properties – Equity Partnership Holdings, plans to complete upgrades on 72 remaining unrenovated units by updating appliances, flooring, countertops, and fixtures. EPH is a privately held real estate investment company with locations in Denver, CO, Charleston, SC, and Huntington Beach, CA. Shelby Grove is the firm’s first investment in the Memphis market. In total, EPH has invested in more than 1,000 multi-family units and 15 commercial properties in nine markets across the United States.
“EPH thanks Capstone for all of the hard work and professionalism to complete the off-market acquisition of Shelby Grove Apartments. We look forward to a long-term partnership with the Capstone team and believe this will be the first of many transactions together,” said Nick Forss, Principal at EPH Properties.
Built in 1999, Shelby Grove is comprised 98 two-bedroom units and was approximately 94% occupied at the time of closing. Each apartment home includes a fully equipped kitchen, ceiling fans, and washer/dryer connections.