February 16, 2016
PROVO, UT – Peak Capital Partners, a Utah-based apartment investment and management company, today announced it acquired a five-property apartment portfolio in Memphis, Tenn. The properties make up 1,316 units.
Peak purchased the properties from Tennessee-based Wesscorp Investments, LP, which is owned by Wes Misenhelter. The communities include: The Charleston, The Orleans, Angelo’s Grove, Pinebrook Pointe, and Grahamwood Place. Four of the properties are existing communities. The Charleston is a 284-unit multifamily community currently under construction scheduled for completion later this year. Closing for that asset will occur upon completion.
“These acquisitions are a first for Peak in the Memphis market,” said Jamie Dunn, founder and managing partner of Peak Capital Partners. “We look forward to partnering with Wesscorp Investments on future properties and growing our Memphis portfolio.”
Peak will make a variety of exterior and interior improvements to the properties that may include new lighting fixtures, parking lot improvements, roofing improvements, and flooring.
“We had a variety of options on how to proceed with this portfolio,” said Wes Misenhelter, founder and CEO of Wesscorp Investments. “We decided to do a transaction with Peak because of its excellent track record of closing as agreed and for managing and improving properties. We look forward to working on future investment and development opportunities with Peak.”