Elvis Presley Enterprises Inc. has bought the Royal Oaks Apartments at 1032 Craft Road from Michael E. Reed for $1.6 million. The Royal Oaks is a 13-building apartment complex built in 1963. The complex has about 80 units and sits on a 5.2-acre lot on the north side of Craft Road west of Elvis Presley Boulevard.
No one answered a phone number for the apartments; an answering machine states it is the number for MBM Properties. Representatives from EPE were not available for comment by press time.
Nearly two years ago, New York-based CKX acquired an 85 percent stake in EPE, with Lisa Marie Presley retaining 15 percent interest. CKX recently announced a $250 million plan to develop Graceland into a tourism development zone centered on Graceland and spreading to surrounding property. The plan calls for "building an expanded visitors center, developing new attractions and merchandising shops and building a boutique convention hotel," CKX management wrote in the company's most recent annual report.