MEMPHIS-Encore Properties LLC, an investment group, has acquired the Richelieu Apartments, a 32-unit complex at 3846 Millbranch Road in Whitehaven, for $485,000. The apartment complex was sold by Bayview Loan Services.
The Richelieu Apartments traded for $15,156 per unit. It was 90% leased at closing. The property comprises two-bedroom units. Woodyard Realty Corp., which has handled the sale of the French Village, Cedar Wood, Hunter's Ridge, Kenilworth and Timber Pines, negotiated the Whitehaven deal on behalf of the seller. For the full story, go to Memphis Business Journal .
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