Minneapolis based Timberland Partners is pleased to announce the acquisitions of Savannah Creek, located in Southaven, Mississippi and The DeSoto, located in Horn Lake, Mississippi. Founded in 1992, the company now owns and manages 73 apartment communities totaling 14,966 units in its portfolio spanning 15 states. These are the second and third properties Timberland Partners owns in the Memphis area.
The 204-unit acquisition was funded by a combination of 1031 tax-deferred exchange proceeds and a new ownership partnership. The 253-unit acquisition was funded by single asset entity. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estatemarket.
Savannah Creek is a Class B property, built in 1989, consisting of one, two and three bedroom apartments, hosting amenities such as two outdoor pools, fitness center, off-leash dog park, and grilling pavilion. Renovated units feature stainless steel appliances, granite countertops, glass tile backsplashes, wood type floors, and fireplaces.
Timberland Partners Acquisition Specialist, Aaron Spiegle, said “These properties are an exciting investment opportunity as the Northern Mississippi rental market continues to perform well. The attractive quality of life for residents, steady local economy, and limited new competition give us confidence in the strength of our investment in the area. We look forward to continued growth in the region.”
The DeSoto is Class B property, built in 1991, consisting of one, two and three bedroom floorplans, with amenities such as two outdoor pools, off-leash dog park, and clubhouse. Renovated units feature stainless steel appliances, granite countertops, and wood type floors.
Interior and exterior renovations are planned to continue renovating the remaining classic units along with upgrades to common areas, landscaping and lighting.