Peabody Falls
Multifamily acquisition and development / 58 units / Memphis, TN
Property Details
- Identified, negotiated, and closed an off-market transaction consisting of an existing 28-unit multifamily property on a 1.43-acre site. Additional acreage at the back of the property allowed for the development of another 30 units. The total development will consist of a 58-unit Class A apartment project in the highly competitive Midtown submarket of Memphis.
- This acquisition and development represent a strong investment opportunity that accumulates wealth through dividends and appreciation. In addition to the steady income from operations expected with this investment, strategic opportunities should exist to re-capitalize the investment after stabilization, resulting in a strong equity multiple and levered IRR.
- Design and construction documents are complete and have been submitted for permits.
