Downtown's big real estate buyer sells East Memphis apartments for $35M

JACOB STEIMER | MEMPHIS BUSINESS JOURNAL

Tom Intrator has made headlines this year for numerous property acquisitions. But, his latest headline is from a big sale.

After his most recent purchase, Intrator has spent more than $20 million this year on a smattering of Downtown properties.

One of his firms, though, just made back this cash in a single, $35 million sale. Lennox Cos., which lists Intrator as its managing partner, sold the Lynnfield Place Apartments at 1400 Lynnfield Road.

A subsidiary of Switzerland-based real estate firm Stoneweg paid the hefty price tag for the 400-unit East Memphis property. The apartment complex, located between Park Avenue and Quince Road just east of I-240, last sold for about $22 million.

Stoneweg, which also owns about 400 apartments in Cordova, is planning a "major rehab" of the property, according to a news release.

Funds from the sale could assist Intrator's plans to build a 178-room hotel on top of the Royal Furniture building or help him redevelop any of the other properties he's recently purchased.

Newmark Knight Frank vice chairman Blake Pera negotiated the sale for Intrator's firm.