Marcus & Millichap arranges multifamily high-rise sale

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Marcus & Millichap negotiated the sale of the 18-story Bellevue Tower Apartments in Memphis, Tenn. The value of the transaction was $2.9 million. Bellevue Tower Apartments, which comprises 118 units and offers panoramic views of the city, is located at 305 S. Bellevue Blvd. in the Medical Center District. The high-rise building totals 86,996 rentable square feet with a unit mix of 84 one-bedroom/one-bath apartments and 34 two-bedroom/one-bath floor plans. Attached to the property is a three-level parking garage for tenants. The tower, constructed in 1968, includes a clubroom with full-size kitchen, an exercise room and a pool. Bellevue Tower LLC sold the property to a Chicago-based private investor. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the headline of the story....