University of Memphis Multifamily Portfolio
Memphis, TN 38111
Property Map
The Offering
Summary
- Asking Price Request from listing agent
- Total Number of Units 156
- Total Leasable Square Feet 105,918
- Total Land Area 5.97 ac
Sold as a portfolio ONLY
This is a generational opportunity to acquire an apartment portfolio in the University of Memphis and East Memphis submarket that, for the most part, has been controlled by the same family since the 1960s. The properties offer an outstanding opportunity to keep them as they are or for value-add improvements and the potential to aggressively expand the rent structure. The subject properties are currently near full occupancy so you could run them as-is and make improvements as units turn over. The best of both worlds!
Subject properties are in fair to average condition now and do not require renovation to be able to obtain market rents. However a renovation of $20-$30,000 per unit would maximize the rents and secure a 5% occupancy for the future. We would suggest, if you chose to do renovations, to invest the bulk of the funds on flooring, new countertops and backsplashes in the kitchen and upgrading the cabinetry & bathrooms. Investors doing similar renovations in the area are achieving on the high-end $1295 per month rents for two-bed townhome apartments, to a low of $1050 per month.
Recovery on the horizon: President Jonathan Gray, of BREIT, says Blackstone is positioning for a rebound and focusing on rental housing, especially student housing. Wesley LePatner, who will take over as CEO of BREIT in January, highlighted the “structural undersupply” of student housing in the US, positioning it as a resilient asset class.
Individual Property Addresses
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
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