$30 Million Apartment Community to Rise Near Lakeland
Published on: April 7, 2015
Amos Maki, Memphis Daily News
A $30 million multifamily community is beginning to take shape on the east side of Houston Levee Road just south of U.S. 64 in Memphis.
Developed by WessCorp Communities, the Charleston Place apartments will house 284 units and is the first new multifamily project in that area in a decade. The Memphis office of Financial Federal Bank has arranged the $30 million construction financing of Charleston Place.
“I think the location is near major highways so it has good access to all parts of the city,” said Rick Wood, executive vice president of Financial Federal. “People seem to like new, well-planned suburban living.”
WessCorp knows the Memphis market well, maintaining four other properties in the Memphis area totaling 1,024 units.
Charleston Place will be on the east side of Houston Levee Road just south of U.S. 64, where a burgeoning retail scene has cropped up.
“You have the access, and on U.S. 64 you have a lot of retail options to choose from now,” said Wood. “You’ve got the rooftops that have always been strong, but the new L.A. Fitness opened on 64 and Malco (Theatres Inc.) is planning a new 12-sceen studio.”
The 25-acre community was designed to give residents plenty of private space. According to the latest figures from the development team, the density breaks town to 11 units an acre, low for modern standards but a perk for people seeking a little privacy or an area for children to play. Amenities will also include open green space with walking trails, said Wood.
The garden-style project, which will include 20 two- and three-story buildings, will be built in two phases. The first 180 units on Houston Levee will be ready for leasing in June, and 104 units on the eastern end of the 25-acre tract will be ready for occupancy in spring 2016.
“The Highway 64 corridor is an active submarket with growing commercial and residential development,” said Wes Misenhelter, Charleston Place owner and developer.
The development team believes the rapid growth in residential real estate in the area and expanding retail options should make Charleston Place a destination, and Misenhelter predicted the company would be able to compete in prices.
“The rental price points for our residents will beat the competition,” said Misenhelter.