Croatan Investments closed on a preferred equity investment in Villas at Cordova. The asset, a 256-unit garden-style apartment community, is well-located in Cordova, TN, a vibrant suburb on the eastern boarder of Memphis.
“Villas Cordova offers Croatan, on behalf of our investors, the opportunity to creatively invest in a great asset alongside a high-quality property sponsor,” said Paul Van, Chief Executive and Investment Officer. “We expect the strong asset fundamentals and preferred equity structure to result in the continued success of the asset and attractive returns for our investors.”
Villas at Cordova is situated in rapidly-expanding Shelby County and in close proximity to I-40, providing excellent access to the entire Memphis MSA and with all parts of Memphis reachable within a 30 minute drive. The community is also positioned in the heart of Cordova’s retail hub and Memphis’ largest shopping and entertainment center, Wolfchase Galleria. Residents also have access to the “Greenline” – a trail connecting communities and neighborhoods in greater Memphis – and other amenities such as the award-winning Shelby Farms Park. This park boasts of 4,500 acres of natural space for a variety of activities from horseback riding to fishing and provides 40 miles of paved and unpaved trail for hiking, running, or cycling. Built in 2003, the asset showcases an outstanding opportunity for significant value-add and rent growth potential.