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Balfour Beatty Communities Expands in Memphis with Second Area Multifamily Acquisition in 2019

MALVERN, Pa.--(BUSINESS WIRE)--

Philadelphia-based company will rebrand and upgrade the 300-unit community to meet demand for growing professional population

Balfour Beatty Communities, national residential real estate investment and management company, has successfully acquired the Bartlett, TN multifamily community, Legends at Wolfchase. This deal marks the second acquisition of a Memphis-area community for the Company within the past six months, completed in conjunction with ApexOne Investment Partners.

To be rebranded as Preserve at Bartlett, the community is ideally situated in the desirable Memphis suburb of Bartlett and offers immediate access to the region’s main business corridors, as well as an award-winning school district. The property’s 300-unit inventory consists of one-, two- and three-bedroom apartment homes featuring fireplaces, attached garages and private outdoor spaces. Community amenities across the property’s 24 acres include a pool, fitness center, dog park and clubhouse.

“We’re quite bullish on the Memphis multifamily market and pleased to continue our expansion in the region after our initial entry with the acquisition of Preserve at Southwind earlier this year,” said Gen Bauer, senior vice president of Balfour Beatty Communities. “We look forward to bringing Balfour Beatty Communities’ exceptional management approach to the property, as well as targeted renovations that will continue to position the property competitively in the market.”

Proposed plans for the property include comprehensive kitchen renovations, as well as upgrades to washer/dryer units and closets. Other planned community upgrades include enhancements to building exteriors, the pool area and overall landscaping.

About Balfour Beatty Communities

Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.

About ApexOne Investment Partners

ApexOne Investment Partners is a privately held real estate investment firm and fund manager. Our platform was created to isolate, acquire, enhance and operate multifamily real estate. Our leadership brings over 150 years and $15B of cumulative real estate experience to each investment. We identify assets where a combination of physical enhancements and focused asset management will have a positive influence on our community residents resulting in maximizing investor returns and mitigating investment risk.

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