The 172-unit Woodbriar Apartments has been sold for $946,000 by Saratoga Capital to Urban Investments Group of Tennessee.
The apartment community, built in 1975, is at 4500 Water Tree Drive, a block from Perkins and Winchester. The sale took place Thursday.
Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ Multifamily Division represented the seller.
The property offers a unit mix averaging 876 square feet with $499 average rent.
Amenities include a swimming pool, clubhouse, woodburning fireplace and patio/balcony.
“The buyer is continuing their expansion in the Memphis market in an area they know well, and they should also be able to receive great economies of scale with this acquisition,” said Pera, senior vice president with CBRE Memphis.
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