Continental Realty Group through its subsidiary Continental Realty Assets, Ltd. ("CRA"), a Denver-based multi-family investment firm in partnership with MLG Capital (“MLG”), has completed the disposition of The Park at Forest Hill in Memphis, Tenn. The sale price was $64 million.

Located in the Germantown/Southwind submarket of Memphis, the 601-unit community was developed in two phases in 2002 and 2007. The property directly benefits from its proximity to high-profile corporate centers, a beautiful country club environment and an exemplary school district.

“Our definition of a successful investment is one that results in a positive impact for residents while generating strong returns,” said David Snyder, founder & CEO of Continental Realty Group. “This transaction validates the investment thesis of our ‘Vital Portfolio,’ which calls for finding properties in quality locations with fundamental demand factors that allow us to enhance the community while striving to keep rents at an affordable level. We are proud of what we were able to accomplish for both the community and our investors during the holding period.”

“We greatly value our relationship with CRA,” said Timothy J. Wallen, principal and chief executive officer of MLG Capital. “This was a very successful partnership, and we hope we can do more together in the future.”

CRA and MLG purchased the property in 2016 for $39.1 million and undertook a light value-add and rebranding strategy, which included renaming the property from Greens at Irene to Park at Forest Hill. The business plan primarily focused on improving the common areas and amenities while also upgrading select units with items such as new vinyl plank flooring, stainless steel appliance package, kitchen and bathroom cabinet fronts, and all new unit hardware.

“Our asset management team directed over $3.1 million to the improvement of the physical property with a single goal in mind, creating a sense of community. Families and individuals now have both indoor and outdoor multipurpose spaces to gather depending on their needs. We took a property of 50 buildings and created a vibrant neighborhood,” said Snyder.

New Name Reflects Company Growth over 37-years in the Multi-family Real Estate Industry

Continental Realty Advisors (CRA) announced today that after 37 years in business, its name is changing to Continental Realty Group, Ltd. to better reflect its expanded business platform that encompasses not only acquisition, disposition and ownership, but ground-up development of multi-family properties.

Established in 1982, the firm has constantly evolved to adapt to real-time changes in the real estate investment industry. Prior to 2007, CRA primarily operated as a multi-family advisor to pension funds and institutions looking to adopt or grow a business line in the multi-family sector.

Since then, the company has morphed into a multi-family sponsor, branching out into ownership and real estate fund executions. It has now successfully operated in that capacity for over a decade, participating in over $1.6 billion in acquisitions, renovations, and dispositions. It now is launching a new subsidiary to focus on developing apartment communities which enhance the surrounding community.

“The new name reflects who Continental is today,” said David Snyder, President and Chairman of the Board. “As we continue to grow, we feel it appropriate our name better reflect both our current operations and future endeavors. Continental Realty Group will become the parent company of CRA’s existing operations, as well as a new venture into multi-family development. We are proud to have assembled such an experienced team, all of whom have contributed to our continued success in multi-family real estate. Though our name is changing, our data-driven approach to investing in multi-family properties located in the path of demand will continue to be our focus.”

Continental Realty Group is made up of two subsidiaries: Continental Realty Development, its development platform; and Continental Realty Assets, which houses its existing multi-family platform.

The new development branch is being spearheaded by Anna Goodrich and Ryan Snyder, with the goal of developing workforce housing in Colorado and other select markets.

“We strongly believe that density, affordability and sustainability are key factors in addressing the housing needs in our communities,” said Ryan Snyder. “Our current focus is to deliver more workforce housing to high cost markets as well as land acquisition in opportunity zones.”