Alpha Capital Partners

Alpha Residential Trust Awarded PILOT Transfer for 10 Main Apartments


Pittsburgh, PA -- (ReleaseWire) -- 06/13/2018 --Alpha Residential Trust (ART), a Pittsburgh, PA based real estate company has expressed interest in the purchase of the property located on 10 Main Street, Memphis, TN 38103. On June 12, 2018, the Center City Revenue & Finance Corporation (CCRFC), an affiliate board of the Downtown Memphis Commission and Industrial Development Board, approved transfer of the existing PILOT program to Alpha Residential Trust.

Built in 1908, 10 Main adds a piece of Memphis history to the Alpha Residential portfolio. This highly desirable location and iconic building in the Central Business District puts tenants in close proximity to several major employers. This Class A, 112 unit building offers a mix of one- and two-bedroom apartments that include walk-in closets, washer/dryer, granite countertops and stainless-steel appliances. In addition to having Café Keough at its base, the building offers tenants a business center, fitness center, multi-use room and roof-top deck overseeing the Mississippi river.

Commenting on the approval, Jide Famuagun, CEO, said, "Memphis continues to be a place that we see great opportunity, 10 Main will add another distinguished property to our Memphis portfolio, giving tenants a luxury choice in addition to the trendy 266 Lofts, historic Washburn, revitalized Cabinet Shops, Printers Alley & Annex Lofts. It has been great to partner with the city of Memphis during this exciting time of growth. It is our intent that Alpha Residential Trust, with six properties now in the area, will continue to add to the redevelopment and improvement of the Central Business District through programs led by Volunteer Odyssey located at The Washburn."

Alpha Residential Trust will continue to work to provide high quality housing options for those that seek to follow the work, play, live lifestyle in Downtown Memphis.