Multifamily property continues to signal a return in Memphis
investment sales, as Philadelphia-based Resource
Real Estate Inc. has purchased Waterstone Landing Apartments for
$5.6 million.

The 378-unit apartment complex was built in 1972 in the Southeast
Memphis submarket.

Located on Ridgeway Road near Nonconnah Parkway, Waterstone units
average 948 square feet and $635 in monthly rent.

The building sits on 36 acres in a park-like setting.

This purchase expands Resource Real Estate’s presence in Memphis.

It purchased the 568-unit Wyndridge Apartments, located at Knight
Arnold and Ridgeway, for $9.5 million in September 2009.

CB
Richard Ellis Memphis senior vice president Blake Pera and vice
president Tommy Bronson III represented the seller, Harbor Group
International, in the Waterstone sale.

“It will be exciting to watch the purchaser renovate and stabilize
this asset,” Pera said. “This property complements the other property
they own in the market and the two properties can successfully market
off of each other.”

Multifamily investment sales dropped to $59.6 million in 2009 from
$94.7 million in 2008 and $310 million in 2007, according to CB Richard
Ellis Memphis’ MarketView report.