Cushman & Wakefield has arranged the $31.5 million sale of Villas at Cordova, a 256-unit apartment community located in Memphis, Tennessee. Mike Kemether and Craig Hey of Cushman & Wakefield represented the seller, Mount Auburn Multifamily, in the transaction. Kushner Companies acquired the property.
“Villas at Cordova offers great floor plans and attached garages, with room for the new owner to move rents,” Kemether said. “The property also has direct access to one of the largest amenity features in the Southeast via the Greenline – the 4,500-acre Shelby Farms Park.”
Other amenities include a fitness center, bark park, resort-style swimming pool, car wash bay and grilling area. With a prime location in the heart of Cordova’s retail hub, the property offers access to Wolfchase Galleria, Memphis’s largest shopping and entertainment center totaling 1.1 million square feet.
“We are excited to plant our first flag in Memphis and to continue to grow our presence in the Sunbelt,” said Riley Wilson, Acquisitions at Kushner. “It’s a market that has been on our radar for over a year and we love the growth story here.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.