Wednesday’s story on Meridian Pacific Properties touched on a slightly different view of the REO-to-rental housing scene in Memphis.
Formed in 2006 by technology veterans Jeffrey King and Kevin Conlon, the San Diego-based company is involved in only one other city: Memphis. Meridian entered Memphis in 2008 after analyzing all 366 of the metropolitan statistical areas nationwide.
“We’re coming at real estate very differently,” Conlon said. “For us, we’re business people taking business models, applying them to real estate; as opposed to coming up through ranks of real estate and never having been in business. The way we market our properties is very data-driven, it’s very quantitative, a lot of statistical analysis and so forth that you don’t commonly see in real estate.”
But the partners aren’t just involved in the city’s residential real estate market. They’re involved in multifamily, too.
“My partner Jeff and I also are part of a group that owns the Park Tower Apartments – a nine-story high-rise that’s right across the street from the VA hospital Downtown,” Conlon said. “It’s a different business entirely than Meridian. We bought the property, we renovated it, and we’re holding it as an investment for the long term.”
Memphis Medical Redevelopment Group LLC acquired Park Tower, 57 Somerville St., in September 2009 for $1.7 million, according to the Shelby County Register of Deeds. Permanent financing for $3 million was arranged in March by Rick Wood of Financial Federal though its correspondent, American Equity Investment Life Insurance Co.
Built in 1957, the Class D apartment hi-rise spans 95,727 square feet and has a 2012 appraisal of $1.6 million, according to the Shelby County Assessor of Property.