MEMPHIS, Tenn., Oct. 10, 2017 /PRNewswire/ -- CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Madison Cypress Lakes, a 1,002-unit apartment community in the Tennessee suburbs of Memphis. The community will be rebranded as Waterview Apartments.
Situated less than 25 miles from downtown Memphis, the community offers easy access throughout the metro area via Interstate 240 and 69, and is a short drive from the Nonconnah Technology Corridor, the Poplar Class A Office Corridor and Memphis International Airport. CAPREIT will renovate the community and implement upgrades to the townhome-style homes.
"Waterview will provide the Germantown/Collierville area with quality affordable housing that is much needed in the submarket, and we plan to invest a significant amount of capital into upgrading the community," said Brendan Majev, a senior acquisitions associate for CAPREIT. "Our intention is to contribute to the continued growth of one of Memphis' top submarkets with updated, reputable homes. We are excited about the opportunity to provide renovations in a growing area, and are confident these upgrades will make an already affluent submarket even more desirable."
CAPREIT's planned renovations include asphalt and sidewalk repairs, exterior painting, landscaping, pool refinishing, siding replacement, new fitness equipment and an upgraded clubhouse. Existing amenities at the spacious, 22-acre community include multiple lakes with some including stocked fish, indoor and outdoor pools, three resident clubhouses, a spa, business center, fitness center and indoor sports courts.
Located at 6860 Quince Road, Waterview is situated moments from the Bill Morris Parkway, which has transformed the area into a burgeoning technology hub. In addition to the Nonconnah Technology Corridor, the site is within close proximity of professional employment opportunities throughout the Memphis metro area, including major employers such as AutoZone, World Technology Center and the world headquarters of FedEx. The site is located three miles south of the Poplar Class A Office Corridor, home to seven million square feet of office space.
The community also is within 1.5 miles of 800,000 square feet of vibrant shopping, dining and entertainments options. Additional nearby attractions include Elvis Presley's Graceland home, Beale Street and the FedEx Forum, home of the NBA's Memphis Grizzlies. An eclectic mix of specialty stores at The Shops of Saddle Creek is conveniently located within a five-mile drive, and outdoor enthusiasts can access Shelby Farms Park with a quick drive on I-240.
Waterview consists of 1- and 2-bedroom apartment homes ranging from 533 to 1,160 square feet. The community features diverse floor plans, spacious kitchens with white appliances, washer and dryer connections, wood-burning fireplaces, vaulted ceilings, built-in bookshelves, ceiling fans and private patios or balconies with scenic views.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
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