Investcorp sells luxury apartments

Property comprises 252 units

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Investcorp sold Colonnade at Germantown Apartments, a luxury apartment community in the Germantown submarket of Memphis, Tenn. The price was not disclosed. Colonnade at Germantown Apartments is a 252-unit, garden-style complex situated along Interstate 240 with direct access to downtown Memphis. The complex consists of 21 three-story residential buildings and one clubhouse building and encompasses approximately 27.7 acres. The property has several different floor plans with 84 one-bedroom units, 128 two-bedroom units, and 40 three-bedroom units. Investcorp originally acquired the property in September 1999. Investcorp's New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....