February 16, 2016
A Utah-based apartment investment and management company announced Tuesday it has acquired a five-property apartment portfolio totaling 1,316 units in Memphis.
Peak Capital Partners purchased the properties from Tennessee-based Wesscorp Investments, LP, owned by Wes Misenhelter.
The apartments are 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 under construction and scheduled for completion later this year.
“These acquisitions are a first for Peak in the Memphis market,” Jamie Dunn, founder and managing partner of Peak Capital Partners, said in a prepared statement. “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,” Misenhelter said. “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.”
Founded in 2007, Peak Capital Partners owns 100 apartment communities housing 17,500 families in 15 states.
Thomas Bailey Jr.