MEMPHIS-The Marina Cove apartment complex has been purchased by Power Center Community Development Corp. for $1.6 million. Power Center is expected to demolish the complex for a redevelopment project on the 24.1-acre site. The apartment complex has 394 units and is located at 5505 Winchester.

The property was bought from Water Garden LLC. The buyer was represented by Universal Commercial Real Estate LLC, while the seller was represented by Marcus & Millichap Real Estate Investment Services. For the full story, go to Houston Business Journal.