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Morgan Properties Affiliate Buys 500-Unit Memphis Apartment for $56.5M

The 32-acre Stonebridge Crossing Apartments site is about 92% occupied and has rents starting at $990 per month, according to ConnectCRE.

Reported · Written up by our desk · Residential

A Morgan Properties affiliate has purchased the 500-unit Stonebridge Crossing Apartments complex in Cordova, Memphis for $56.5 million, ConnectCRE reported.

The seller was Independence Realty Trust, and the property is located at 9135 Morning Ridge Road off Highway 64 near the I-40 interchange.

ConnectCRE said Stonebridge Crossing sits on about 32 acres and was built in 1994. The complex offers one-, two-, and three-bedroom units with rent starting at $990 per month.

The story also said the community includes amenities such as a gym, swimming pool, tennis courts, and a dog park, and it is 92% occupied. ConnectCRE added that Morgan Properties currently owns two other apartment communities in the Memphis area, Crescent at Wolfchase and Waterford Place Apartment Homes.

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