Largest Multifamily sale takes place for $39.1M

8285 Irene Blvd.
Memphis 38125

Sale Amount: $39.1 million

Sale Date: Aug. 5, 2016

Buyer: WDC Greens Investment LLC and MEM Greens at Irene LLC

Seller: The Greens at Irene L.P. and the Greens at Irene Phase II L.P.

Loan Amount: $29.4 million

Loan Date: Aug. 5, 2016

Lender: M&T Realty Capital Corp.

Details: The Greens at Irene apartment community in southeast Memphis has sold for $39.1 million.
WDC Greens Investment LLC and MEM Greens at Irene LLC purchased the property from The Greens at Irene L.P. and the Greens at Irene Phase II L.P. in a Aug. 5 warranty deed.
The apartment community at 8285 Irene Blvd. was developed in two phases in 2002 and 2007. It bears 600 units across 535,736 square feet.
In conjunction with the sale, WDC Greens Investment and Mem Greens at Irene took out a $29.4 million mortgage through M&T Realty Capital Corp.
David W. Snyder signed the loan as manager of Continental Realty Services/GAI Manager LLC, the managing company for MEM Greens at Irene. Timothy J. Wallen signed as president of Wisconsin Development LLC, the managing company for WDC Greens Investment.
The Greens at Irene sale is the largest multifamily transaction in Shelby County over the past year. Collierville’s 324-unit Madison at Schilling Farms community changed hands for $34.3 million in June.