GMF trying to sell Serenity Towers and Madison Tower

On Your Side
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

MEMPHIS, Tenn. — WREG has learned the troubled Global Ministries Foundation is trying to sell more of its properties in Memphis and across the country.

In a financial disclosure dated August 30th, the Memphis-based non-profit said it’s hoping to sell all of its HUD-assisted, Section 8 based properties.

This includes Serenity Towers and Madison Tower in Memphis.

The group was already trying to sell Warren, Tulane, and Goodwill along with several other complexes across the Southeast.

GMF still owns the Bent Tree Apartments, The Arbors at Hickory Ridge and River Trace in Memphis.

Separately, the property management company that took over at Warren and Tulane is working with ARA Newmark to market those properties for sale as required by a federal lawsuit filed by bondholders.

Warren and Tulane rehab could cost millions

GMF is trying to sell 31 properties across the country:

  • GMF — Alabama Housing, LLC (9 properties-Alabama)
  • GMF- Florala, LLC (7 properties-Florida)
  • GMF — Forest Cove, LLC (Atlanta, Georgia)
  • GMF — Goodwill Village, LLC (Memphis, TN)
  • GMF — Indiana 4, LLC (4 properties)
  • GMF — Madison Tower, LLC (Memphis, TN)
  • GMF — Peace Lake, LLC (New Orleans, LA)
  • GMF — Stonekey, LLC  (Indianapolis, IN)
  • GMF-JKF Towers, LLC (Durham, N.C.)
  • GMF-Rensselaer Housing, LLC (2 properties, Rensselaer, NY)
  • GMF-Serenity Towers, LLC (Memphis, TN)
  • GMF-Warren Tulane, LLC (2 properties, Memphis, TN)

At one point, the non-profit’s website showed it owned roughly 60 complexes across eight states.

A GMF spokesperson said the non-profit would stay in the affordable housing business.

The letter called the move a “redevelopment strategy.” It said the other properties in its portfolio are performing well.

GMF said it’s currently negotiating with “large housing development companies” interested in buying the properties.

Earlier this year, HUD pulled GMF’s funding at Warren and Tulane. The News Channel 3 Investigators have previously reported on the numerous health and safety violations found at the complexes.

The non-profit remains under investigation by the HUD Office of Inspector General and the Securities and Exchange Commission.



Latest News

More News