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Jun. 12, 2019

Balfour Beatty Communities expands in Memphis with second area multifamily acquisition in 2019

Balfour Beatty Communities, national residential real estate investment and management company, has successfully acquired the Bartlett, TN multifamily community, Legends at Wolfchase. This deal marks the second acquisition of a Memphis-area community for the Company within the past six months, completed in conjunction with ApexOne Investment Partners.

To be rebranded as Preserve at Bartlett, the community is ideally situated in the desirable Memphis suburb of Bartlett and offers immediate access to the region’s main business corridors, as well as an award-winning school district. The property’s 300-unit inventory consists of one-, two- and three-bedroom apartment homes featuring fireplaces, attached garages and private outdoor spaces. Community amenities across the property’s 24 acres include a pool, fitness center, dog park and clubhouse.

“We’re quite bullish on the Memphis multifamily market and pleased to continue our expansion in the region after our initial entry with the acquisition of Preserve at Southwind earlier this year,” said Gen Bauer, senior vice president of Balfour Beatty Communities. “We look forward to bringing Balfour Beatty Communities’ exceptional management approach to the property, as well as targeted renovations that will continue to position the property competitively in the market.”

Proposed plans for the property include comprehensive kitchen renovations, as well as upgrades to washer/dryer units and closets. Other planned community upgrades include enhancements to building exteriors, the pool area and overall landscaping.

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