Maryland-based CAPREIT has acquired Madison Cypress Lakes, a 1,002-unit apartment community in the Tennessee suburbs of Memphis for $47.8 million. The community will be rebranded as Waterview Apartments, according to the buyer.
Equus Capital Partners, a private equity fund manager, sold the property, which it acquired in 2007. Equus paid $46 million to Fogelman Properties for the community that year, when the economy peaked ahead of the recession.
Waterview consists of one- and two-bedroom units ranging from 533 square feet to 1,160 square feet. Common amenities at the 22-acre community include lakes with some including stocked fish, indoor and outdoor pools, three resident clubhouses, a spa, business center, fitness center and indoor sports courts.
CAPREIT will renovate the community and upgrade its townhome-style homes. Planned renovations include asphalt and sidewalk repairs, exterior painting, landscaping, pool refinishing, siding replacement, new fitness equipment and an upgraded clubhouse.
Equus was represented in the sale by Tommy Bronson, Gray Fisher and Blake Pera of ARA Newmark. CAPREIT currently owns or manages about 14,000 apartment units in over 20 states, totaling more than $5 billion of multifamily assets.