Croatan Investments, a private equity real estate manager focused on multifamily investments, made a $5.4 million preferred equity investment in Villas at Cordova, a 256-unit multifamily property located in the Memphis suburb of Cordova, Tennessee.
Villas at Cordova was built in 2003, and Croatan claims that it has “significant” value-add and rent growth potential.
Residents have access to the “Greenline” – a trail connecting communities and neighborhoods in greater Memphis – and other amenities such as Shelby Farms Park, a 4,500-acre park with 40 miles of paved and unpaved trail for hiking, running, or cycling.
“Villas Cordova offers Croatan, on behalf of our investors, the opportunity to creatively invest in a great asset alongside a high-quality property sponsor,” said Paul Van, chief executive and investment officer. “We expect the strong asset fundamentals and preferred equity structure to result in the continued success of the asset and attractive returns for our investors.”
Croatan is headquartered in Virginia Beach, Virginia with team members located in Atlanta, Austin, Dallas, New York City, and Singapore. Croatan’s geographic focus includes primary and secondary markets with strong economic and housing demand drivers throughout the Mid-Atlantic and Sun Belt regions.