The requested news item does not exist. Please return to News
Archon/Goldman Sachs acquires Class A multifamily community in Cordova, Tennessee
MEMPHIS, June 20, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has close the sale of Lincoln at Wolfchase in suburban Memphis on behalf of Equity Resources, LLC. Archon/Goldman Sachs purchased the 408-unit, Class A multifamily property for $27.3 million.
Managing Directors Derrick Bloom and David Gutting, Senior Vice President Vincent Lefler and Vice President Porter Jones led the Jones Lang LaSalle team on this sale.
“Through a competitive bidding process we were able to secure excellent terms of sale for Equity Resources, LLC,” said Bloom. “The suburban Memphis market is heating up, and is increasingly attractive for multifamily investors seeking a stable and secure location. The markets overall rental rates have continued to climb with declining vacancy.”
“The submarket of Cordova has had consistent and stable rent and occupancy levels over the last decade, outperforming the Memphis metro area. Its growing strength, combined with a minimum number of new units on the market, makes it a prime investment,” added Lefler.
+1 312 228 2139
+1 312 228 3127