March 4, 2020
Denver-based multifamily investment firm Continental Realty Group (CRG) , in partnership with MLG Capital, has sold The Park at Forest Hill, a 601-unit multifamily community in Memphis for $64 million. The buyer was not disclosed.
Located in the Germantown/Southwind submarket of Memphis, the community was developed in two phases in 2002 and 2007. CRG and MLG purchased the property in 2016 for $39.1 million and undertook a light value-add and rebranding strategy, which included renaming the property from Greens at Irene to Park at Forest Hill, as well as improving the common areas and amenities while also upgrading select units.
“Our definition of a successful investment is one that results in a positive impact for residents while generating strong returns,” said David Snyder, CEO at Continental Realty Group. “This transaction validates the investment thesis of our ‘Vital Portfolio,’ which calls for finding properties in quality locations with fundamental demand factors that allow us to enhance the community while striving to keep rents at an affordable level. We are proud of what we were able to accomplish for both the community and our investors during the holding period.”
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