SOUTHAVEN, Miss., June 29, 2017 /PRNewswire/ -- CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Legacy Crossing, a 430-unit apartment community in the Mississippi suburbs of Memphis.
Situated less than 30 minutes from downtown Memphis, the community is close to the city's primary thoroughfares and within a 15-minute drive of Memphis International Airport. CAPREIT will renovate the community and implement upgrades to select apartment homes.
"Legacy Crossing is an affordable community positioned on excellent property that is ripe to be improved," said Brendan Majev, a senior acquisitions associate for CAPREIT. "We intend to invest a significant amount of money in order to better serve the local community. In doing so, it is our hope and belief that the company's improvements to the property will make a positive impact on the local schools and children who attend them.
"A desirable community creates increasingly friendly surroundings, and our acquisition of Legacy Crossing allows a clear opportunity to improve the lives of our residents, which is CAPREIT's core mission."
CAPREIT's planned renovations for Legacy Crossing include new cabinets, appliances and sheet vinyl flooring in living areas, kitchens, entryways and bathrooms, and upgraded countertops in select homes. Existing amenities at the pet-friendly community include a clubroom, three pools, multiple laundry facilities and complimentary parking.
Located at 7560 Chesteridge Avenue, Legacy Crossing is within minutes of Route 51, which is adjacent to Southaven Middle and High School. Nearby transportation arteries, including Route 61, Interstate 40, and Interstate 69 offer convenient access to professional employment opportunities throughout the Memphis metro area. Major employers include AutoZone, International Paper Co. and Federal Express (more commonly "FedEx"), Memphis' largest company, with 30,000 local employees. The community is also a short drive from Interstates 55 and 240, the gateways to downtown Memphis.
Nearby attractions include the Southaven Towne Center, Arena at Southaven Expo Center, Casino Tunica, Snowden Grove Amphitheater, Tanger Outlet Mall, FedEx Forum and Landers Center (where the Memphis Grizzlies' NBA Development League will launch in the fall of this year). Legacy Crossing is also a short drive from the historic Graceland and Mississippi River Park, which offers a bevy of various outdoor recreation activities.
Legacy Crossing consists of 1-, 2- and 3-bedroom patio-style apartment homes ranging from 711 to 1,063 square feet. The apartments feature vaulted ceilings with lighted fan, washer and dryer connections, central heating and air conditioning, spacious closets and extra outside enclosed storage area.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
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