Pittsburgh, PA -- (ReleaseWire) -- 03/14/2018 --Alpha Capital Partners, a Pittsburgh-based real estate investment firm, has acquired Phase I of 266 Lofts, a contemporary 77-unit multi-family property located in downtown Memphis, Tennessee. 266 Lofts sits at the intersection of Front Street and Martin Luther King Jr, an area characterized by budding dining and nightlife and fondly referred to as the 'live, work and play' neighborhood of Memphis. This acquisition makes Alpha Capital Partners the largest owner of downtown Memphis multifamily properties.
The first phase of 266 lofts was completed in July 2017 and features 77 units with a unit mix of one-bedroom and two-bedroom units. The property includes an on-site leasing office along with covered parking and will have access to future amenities such as a swimming pool and future commercial spaces in Phase II. 266 lofts (Phase I) is 100 percent leased. The property's urban contemporary units are positioned to appeal to the young professional demographic.
Jide Famuagun, CEO of Alpha Capital Partners said "The acquisition of 266 Lofts is a strategic fit for Alpha and expands our core downtown Memphis footprint. Downtown Memphis continues to benefit from significant investments by St. Jude Children's Hospital and relocation of major employers the likes of ServiceMaster and Wunderlich Securities into the downtown Memphis area. Alpha's infill assets in the market are well positioned to benefit from the growth and the renter demographics."
The construction for Phase II, which includes 74 units and ground-level commercial space, is underway with completion expected by August 2018. Multi-South will lease and manage the residential and commercial spaces for Alpha Capital Partners.
About Alpha Capital Partners
Alpha Capital Partners is a Pittsburgh-based real estate investment firm that acquires student-housing, multi-family and medical offices in secondary and tertiary markets. The company is the leader in the middle-market space and has delivered higher-than-expected margins and risk-adjusted returns. Alpha Capital Partners is continuously growing its portfolio and currently owns 18 properties in growth markets across the United States.
For additional information, visit http://www.alphacapitalpartners.com.