Medical District apartments purchased
Connecticut-based Lexington Partners has acquired two Memphis apartment buildings and is planning major renovations, the company said Monday.
Lexington has purchased the Azur Tower building at 305 S. Bellevue Blvd. and the Soma apartments at 23 S. Pauline St. The company also purchased four apartment buildings in Columbia, South Carolina, part of a larger expansion across the Southeast.
The total spend for the six buildings was about $70 million. The purchases were facilitated by Colliers.
In a press release, Lexington said the capital improvement projects will substantially upgrade the buildings.
“Interior upgrades will include sleek new flooring and countertops as well as kitchen and bathroom appliance replacement. Exterior renovations will include replacing walkways and decks to create an even more homey environment as well as parking lot upgrades,” the company said.
The 18-story Azur Tower building includes one- and two-bedroom units. The 8-story Soma building also includes one- and two-bedroom units.
“It was a pleasure to work with the Lexington Partners and LAZ Investment teams, who will capitalize on their vast knowledge and understanding of resident needs to reshape this portfolio to meet current lifestyle demands,” said John Broderick, Colliers Boston Capital Markets executive vice president.
In the release, Lexington cited the investments made in Downtown Memphis over the past four years as a reason for investing in the city.
Corinne S Kennedy covers economic development and healthcare for The Commercial Appeal. She can be reached via email at Corinne.kennedy@commercialappeal.com