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CAPREIT Acquires Memphis-Area Apartments

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CAPREIT acquired Legacy Crossing, an apartment community in the Southaven, Miss., suburb of Memphis. The company plans on renovating the community and implementing upgrades to select units. 

Located at 7560 Chesteridge Ave., the 430-unit community comprises one-, two- and three-bedroom apartments ranging from 711 to 1,063 square feet across 118 one-story buildings. Interior features include vaulted ceilings with lighted fans, central heat and air, washer and dryer connections and spacious closets. Residents have access to amenities such as outside enclosed storage spaces, a clubhouse, 860 parking spaces offering two per unit, multiple laundry facilities, a playground and three pools. CAPREIT will make updates throughout the pet-friendly property in the form of new cabinets, appliances, countertops and sheet vinyl flooring in the living areas, kitchens, entryways and bathrooms. 

“Legacy Crossing is an affordable community positioned on excellent property that is ripe to be improved,” said Brendan Majev, a senior acquisitions associate for CAPREIT. “We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company’s improvements to the property will make a positive impact on the local schools and children who attend them.”

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