SBV Communities Purchases Memphis-Based Summer Trace Apartments
SBV-Memphis-Summer Trace has purchased and filed a $3.5 million construction loan for the 255-unit Summer Trace Apartments at 6015 Summer Trace Drive in the Raleigh/Bartlett apartment submarket.
The loan through Wells Fargo Bank NA comes the same day SBV began a 10-year payment-in-lieu-of-taxes agreement through the city Health, Education and Housing Facility Board for the low- to moderate-income complex, which also uses the address 5999 Summer Ave.
Built in 1973, the Class D Summer Trace is on about 15 acres on the east side of Summer Avenue about halfway between Raleigh Lagrange Road to the north and Sycamore View Road to the south. Its one-, two- and three-bedroom units average 763 square feet.
The Shelby County Assessor of Property’s 2012 appraisal is $500,000.
Spectrum Business Ventures Inc. is the project manager, led by Chief Executive Officer Amit Raizada, according to PILOT documents. SBV-Memphis-Summer Trace bought the complex in December for $306,900, filing a $600,000 trust deed at the time of purchase.