A small apartment complex known as Hickory Trace in Okolona sold for $2.5 million, according to information available when the transaction was reported.
The buyer was a real-estate investor and developer who was also pursuing a condominium project in Germantown.
Hickory Trace was constructed in 2008. At the time of the report, the listed average monthly rent was $866. A commercial brokerage represented both sides of the transaction.
The complex had 32 two-bedroom units. An undeveloped portion of the property carried zoning that could accommodate as many as 92 additional units, according to information published at the time.
The buyer said the plan was to retain the property and make improvements, potentially including shared amenities such as a clubhouse and office center. A later phase could use the existing zoning approvals to expand the complex, although no completion schedule was announced.
Before moving forward with that expansion, the developer expected to finish work on the Germantown condominium project. The project was described as a 25-unit conversion, with several prospective buyers waiting to purchase units after construction.
Earlier reporting said the planned condominiums would range from about 900 to 2,000 square feet, with one or two bedrooms and tall ceilings. Contemporaneous asking prices were described as ranging from $200,000 to $500,000 per unit. Those historical figures should not be read as current market prices.
What was reported
- The Okolona complex contained 32 two-bedroom apartments.
- The reported sale price was $2.5 million.
- Undeveloped land was zoned for a potential expansion of up to 92 units.
- Property upgrades were expected before any larger expansion.
- The related Germantown plan called for 25 condominium units.
The Germantown property had been purchased for $350,000 in February 2018, according to the original reporting. Subsequent permitting, construction and market conditions are outside the scope of this archived account.