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Capstone Closes 88-Unit Value-Add Apartment Asset at Record Breaking Price/Door

Capstone Apartment Partners has closed the $12.5 million sale of Ironworks: an 88-unit apartment community in Memphis, Tennessee. At $142,045 per unit, this transaction sets a record high price per unit in the 38105 zip code, which was previously $81,250 per unit.

Capstone’s Luke Searcy, Adam Klenk, Tyler Mayo, and Jordan Arand sold the asset on behalf of the local
seller, Pendleside Holdings. Prior to selling Ironworks, Pendleside implemented a transformational
interior renovation program over the last two years encompassing 77 out of 88 total units. The buyer—also local—is Wogan Group, who plans to continue upon the existing value-add program and complete upgrades on the remaining 11 classic, unrenovated units.

Originally built in 1966, Ironworks is comprised of one- and two-bedroom apartment homes with large
floorplans, expansive closet space, and fully equipped kitchens. Upgraded units boast wood-style flooring, stone countertops, two-tone shaker cabinetry with modern pulls, stainless steel appliances, farmhouse sinks, plantation blinds, and tiled shower surrounds.

Exceptionally located within Memphis’ highly coveted Medical District, Ironworks is within walking
distance of nearly 30,000 well-paying jobs across the six major medical institutions in the immediate

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