Investors buy 14 units at The Edge at Monroe
Memphis Business Journal - by Andy Ashby Staff writer
John and Nancy Waddell purchased 14 units at The Edge at Monroe Condominiums for $1.46 million. Built in 2008 by Monroe Properties LLC for $4.5 million, the 25-unit project at Monroe Avenue and South Lauderdale Street contains 14 850-square-foot flats and 11 1,425-square-foot townhouses. The condo units are in a separate building from the town homes. Three units have been sold, according to Bologna Consultants LLC’s Downtown Condo Matrix, while several other units have been rented. The property has gated access, covered carports and storage units.
Vice president Tommy Bronson III and senior vice president Blake Pera with CB Richard Ellis Memphis' multifamily division represented Monroe Properties in the sale. “Monroe Properties really built a quality product when they built The Edge,” Bronson said. “Because the new owners were able to assume some favorable financing they have positioned themselves to be very successful in the coming years when the housing market rebuilds.”
Last edited by Johnny Ryall; Aug 2, 2013 at 2:11 PM.
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