Balfour Beatty Communities has acquired the Preserve at Southwind, a 306-unit apartment building located in Memphis.
The latest addition to Balfour Beatty Communities’ multifamily portfolio was completed as part of a joint venture with ApexOne Investment Partners and American National Insurance Co. and marks the company’s first investment in Memphis. Newmark Knight Frank served as the broker for the acquisition. Built in 2000, the Preserve d offers 1-, 2- and 3-bedroom apartment units ranging from 700 to 1434 square feet of living space.
“We are excited to enter the Memphis market with the acquisition of Preserve at Southwind,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The area shows considerable promise for continued growth, creating increasing demand for well-located, quality apartment homes. We look forward to capitalizing on that demand through a series of targeted property renovations and our world-class management services.”
Renovations to the Preserve will include updates to apartment home interiors, amenities and common areas. Balfour is a national residential real estate investment and management company with more than $6 billion in residential assets.
