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Firm to renovate a 112-unit upscale mixed-use apartment complex located in Downtown Memphis.
PITTSBURGH, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Alpha Capital Partners (“Alpha”), a Pittsburgh based leader in real estate investments, has completed the acquisition of Number 10 Main Apartments (10 Main), a 182,392 square foot mixed-use multifamily property in Memphis’ thriving Downtown area known as The Core.
This 16-story mixed-use building was constructed in 1908 and was last renovated in 2001. Alpha plans on upgrading the units with interior renovations and enhancing amenities for its urban-metro residents. Commenting on the acquisition, COO Brandon Kessinger said, “This was a remarkable investment for us - leveraging our vertically-integrated platform, internally called the TREC Advantage, we were able to identify an opportunity to add additional value to an existing property. It has equally been great partnering with the city of Memphis during this exciting time of growth. We certainly hope to continue to add to the redevelopment and improvement of the Central Business District.”
Over the next 24 months, Alpha plans to enhance the units with modern upgrades and interior finishes. The construction work will be managed by Alpha’s in-house construction and development team, Theta Construction Services, which is a part of the TREC Advantage. This Class A rental community will offer a mix of one- and two-bedroom apartments that include updated flooring, walk-in closets, in-unit washer/dryer, granite countertops, and stainless-steel appliances.
Kessinger further expressed, “Memphis continues to be a place that we see great growth opportunity. 10 Main boasts of a neo-classic style and adds a piece of the Memphis history to Alpha’s existing portfolio. We are also excited that the residents of 10 Main can expect to receive quality service through the Alpha Experience, where we strive to provide authentic resident experiences.”
Alpha is eager to begin renovations at 10 Main and is committed to providing quality housing for residents who want the ‘work, play, live lifestyle’ in Downtown Memphis. Number 10 Main is the 7th acquisition in Alpha’s ARG Fund IV and the company’s 7th Memphis acquisition overall since 2016. 10 Main gives future residents an upscale choice in addition to the trendy 266 Lofts, historic Washburn and revitalized Cabinet Shops, Printers Alley, and Annex Lofts on Front Street. This property will be managed locally by Multi-South Management, who currently manages Alpha’s downtown Memphis portfolio.
About Alpha Capital Partners
Alpha Capital Partners is a Pittsburgh-based real estate investment and development firm that acquires, develops, and manages student housing and multifamily communities in secondary and tertiary markets. The technology-enabled company is the leader in the middle-market space and has delivered higher-than-expected risk-adjusted returns. Alpha Capital Partners is continuously growing its portfolio and currently owns 30+ properties in growth markets across the United States. For additional information, visit www.alphacapitalpartners.com.
Contact for Alpha Capital Partners
Investor Relations: Modele Segun
Media: Lola Soyebo Harris