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Alpha Capital Partners bought the second phase of a downtown Memphis development — 74 units of apartments and ground-floor commercial space — for $13.45 million, according to the Daily Memphian. The Pittsburgh private equity real estate investment firm purchased the first phase of 266 Lofts, 77 units, in March 2018.

The apartments were sold by VS Developments, which has sold four other Memphis apartment communities to Alpha Capital, the Daily Memphian reports.

“We were building that to hold and keep and operate,” VS Developments partner Vince Smith said in the story. “We received a completely unsolicited offer from Alpha and it was a pretty good cap rate. We decided we would sell it and move along to another project.”

Alpha Capital Partners owns and manages a growing portfolio of over $300 million in net assets across the U.S., and specializes in investments focused on student housing, multifamily and medical offices in secondary and tertiary markets.