A small apartment complex called Hickory Trace in Okolona recently sold for $2.5 million.
The buyer is Ryan Lykins, a real estate investor and developer, who also has a condominium project in the works in Germantown.
Hickory Trace was constructed in 2008, and the average monthly rent is $866, according to information from Gant Hill & Associates. Tyler Chesser, vice president of commercial investments for Gant Hill & Associates, represented both the buyer and seller.
The former owners were Janet Lindemeyer Revocable Living Trust and John Lindemeyer Revocable Living Trust.
The apartment complex, located at 8832 Moody Road near Southern High School, has 32 units currently, but a portion of the property is undeveloped and zoned to allow for up to 92 additional units. Each of the units features two bedrooms, according to the apartment website.
Lykins told Insider via a text message exchange that he plans to hold onto Hickory Trace and make improvements, including adding common amenities like a clubhouse with an office center.
“They don’t have any right now,” Lykins said in the messages.
Eventually, he said, he does plan to take advantage of the zoning approvals to expand the apartment complex.
But before that happens, Lykins wants to wrap up the Germantown development, he said, adding that there are a few more hoops related to permitting to jump through.
The 25-unit condominium project, at 938 E. Kentucky St., has four people in line to purchase units once construction is done and is working on finalizing additional pre-construction contracts, Lykins said.
Insider previously reported that the condominiums will range from 900 square feet to 2,000 square feet, feature 17- to 18-foot ceilings and have one to two bedrooms. Pricing will run from $200,000 to $500,000 per unit.
Lykins purchased the former Bargain Supply property for $350,000 in February 2018.