By Stephen MacLeod Reporter, Memphis Business Journal
A local investment group has purchased the Highlander apartments for $2.7 million.
The Highlander Apartments LLC is comprised of Barry Maynard and Frank Dyer III, who both serve as SVPs of brokerage at Gill Properties, as well Eddie Kircher of Eddie Kircher Construction. Maynard said the group purchased the apartments at 463 S. Highland St. from California-based Forge Partners, which owns the adjacent Highland Row.
The investors plan to spend $750,000 to renovate the apartment complex, focusing on renovating the 29 units it currently has, as well as the exterior of the building.
Maynard told MBJ that the group could potentially add nine units to the building, with two-foot setbacks, based on the property’s entitlements and zoning.
He said they’re also considering adding on vertically to the existing building, but the owners want to focus on getting stable first.
The complex sits near the University of Memphis, a hot spot for investors in recent years. The apartments are directly south of the Highland Row development.
Other recent investors in the area include a Florida developer building apartments targeted at students and young professionals who are drawn to the neighborhoods near the university campus.
Forge Partners had bought The Highlander for $2 million in 2021.
“We are so excited to buy this property and help be a part of a hot, growing area around the U of M,” Maynard said in a release. “We look forward to many, many projects in all spectrums of real estate over the next five years.”