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| 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.
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| 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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