Balfour Beatty Communities Enters Memphis Market with Multifamily Acquisition
MALVERN, Pa.--(BUSINESS WIRE)--Jan 2, 2019--Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in residential assets, has successfully acquired Preserve at Southwind, a 306-unit apartment community located in Memphis, TN. 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 Company and marks the Company’s first foray into the Memphis residential market. Newmark Knight Frank served as the broker for the acquisition.
Built in 2000, Preserve at Southwind offers 1-, 2- and 3-bedroom apartment units ranging from 700 to 1434 square feet of living space. Located in the desirable Germantown/Collierville area, the community offers convenient access to major business hubs including FedEx World Headquarters and the World Technology Center, as well as the Memphis International Airport.
“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.”
Property management services will be provided by Balfour Beatty Communities as they work to reposition Preserve at Southwind as a best-in-class apartment community to serve the concentration of professionals working in the area’s thriving business district. Renovations will include updates to apartment home interiors, amenities and common areas.
About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
About ApexOne Investment Partners
ApexOne Investment Partners is a privately held real estate investment firm and fund manager. Our platform was created to isolate, acquire, enhance and operate multifamily real estate. Our leadership brings over 150 years and $15B of cumulative real estate experience to each investment. We identify assets where a combination of physical enhancements and focused asset management will have a positive influence on our community residents resulting in maximizing investor returns and mitigating investment risk.
About American National Insurance Company
American National Insurance Company, headquartered in Galveston, Texas, was founded in 1905 and is licensed in all states except New York. American National and its subsidiaries offer a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. The family of companies operates in all 50 states.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190102005366/en/
CONTACT: Maureen Omrod
Vice President, Marketing & Communications
Balfour Beatty Communities
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: SENIORS WOMEN CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSUMER FAMILY MEN
SOURCE: Balfour Beatty Communities
Copyright Business Wire 2019.
PUB: 01/02/2019 10:02 AM/DISC: 01/02/2019 10:02 AM