Saturday, April 19, 2014

160 Units Trade Hands in Lee County, MS


Vista Ridge Apartments, 699 Nation Hills Drive, Tupelo, MS

 TUPELO, MS– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Vista Ridge, a 160-unit multifamily community in Tupelo, Miss., approximately 110 miles southeast of Memphis, Tenn.

Mason Green
The terms of the sale were not released. Mason Green, senior associate in Marcus & Millichap’s Forth Worth office, represented the seller, a Texas-based limited partnership and the buyer, a Dallas-based real estate investment trust. Anne Williams, senior associate and the firm’s broker of record for the state of Mississippi, assisted in the sale.

            “Built in 2009, Vista Ridge is a high-quality, gated apartment complex that has limited competition in the area and benefits from its close proximity to the Toyota manufacturing plant in Blue Springs,” says Green.

            The property is located on 8.5 acres at 699 Nation Hills Drive in Tupelo, Miss. near local employers, shopping and entertainment. Vista Ridge’s unit mix features one-, two- and three-bedroom floor plans ranging from 658 square feet to 1,154 square feet.

Apartments feature built-in mahogany-stained cabinets, built-in microwave, pantry and garden bathtubs. Washers and dryers are included on second floor units and the first floor units feature washer and dryer connections.

Each unit has a spacious balcony with outside storage. Exterior amenities include a resort-style saltwater swimming pool with cabana area and barbecue stations. The clubhouse features complimentary wireless Internet service, a 24-hour fitness and business center, a lounge and a kitchen area with a coffee bar.

            The purchaser assumed the existing HUD 221(d) (4) loan, which is a 40-year fully amortizing loan with an interest rate of 4 percent.

 For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager

(925) 953-1716

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