Balfour Beatty Communities, a national residential real estate investment and management company based in Malvern, has acquired Legends at Wolfchase, its second acquisition of a Memphis-area multifamily community in the past six months.
“We’re quite bullish on the Memphis multifamily market and pleased to continue our expansion in the region after our initial entry with the acquisition of Preserve at Southwind earlier this year,” Balfour Beatty Senior Vice President Gen Bauer said. “We look forward to bringing Balfour Beatty Communities’ exceptional management approach to the property, as well as targeted renovations that will continue to position the property competitively in the market.”
The community, which will be rebranded as Preserve at Bartlett, is in the Memphis suburb of Bartlett. Its 300-unit inventory consists of one-, two- and three-bedroom apartment homes.
Proposed plans for the property include comprehensive kitchen renovations, as well as upgrades to washer/dryer units and closets. Other planned community upgrades include enhancements to building exteriors, the pool area and overall landscaping.
The deal was completed in conjunction with the Houston, Texas, real estate investment firm ApexOne Investment Partners.