Dogwood Creek Sells for $26 Million; Hunters Trace Apartments Financed for $11 Million
New York- based Somerset Partners LLC has purchased Dogwood Creek , a 278- unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC , a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York- based DRA Advisors LLC , sold the community at a rate of $93,525 per unit—translating to a grand total of $26 million, reports the Memphis Business Journal . Built in 1997, the Class A garden style apartment complex had a 97 percent occupancy at the time of purchase and consists of one-, two- and three-bedroom units with an average surface area of 985 square feet. The property will undergo a value- add interior renovation led by Somerset Partners . Somerset Partners is a private investment firm with a portfolio of both commercial and multifamily properties and investments of over $1.6 billion since 2000. Seller G & I V Dogwood Creek was represented by the Memphis division of CBRE. In other multifamily news, Hunter...