From the Memphis Business Journal:
Monday, July 19, 2010, 9:43am CDT
The Power Center Community Development Corp. bought the Marina Cove apartment complex for $1.6 million, with plans to demolish the buildings and redevelop the 24.1acres of land.
The neighborhood development corporation bought the 394-unit apartment property at 5505 Winchester from Water Garden LLC.
Power Center Development Corp. is a local 501(c)(3) organization which focuses on economic, educational and social development in Hickory Hill.
In 2008, it opened a charter school in the neighborhood and is planning an academy which will have a performing arts center, social health center, housing and commercial space.
Curtis Braden, an investment specialist in Marcus & Millichap Real Estate Investment Services’ Memphis office, represented the seller.
Darrell Cobbins of Universal Commercial Real Estate LLC represented the buyer.
Read more: Hickory Hill apartments to be torn down - Memphis Business Journal
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