MEMPHIS-Local buyers William and Carol Mathis have bought the Biltmore and McAlpin apartments located at 1812 and 1820 Madison Ave. out of foreclosure. They paid $395,500 for the properties, which contain 24 apartment units.

The two Midtown Memphis apartment properties, constructed in 1924, are 79% occupied. Woodyard Realty Corp. brokers negotiated the deal on behalf of both the buyers and the seller, Bank of Internet USA., in the transaction. For the full story, go to Memphis Business Journal . News Hub is your link to relevant real estate and business stories from other local, regional and national publications.