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Multifamily

Dorchester Place

1725 Dorchester Dr, Southaven, MS 38671

Listing Price: Request For Offer

Number of Units
128
Gross SF
566,280

Investment Overview

The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Dorchester Place Apartments, 128 units located in Southaven, MS. An integral part of the greater Memphis, TN MSA, this community enjoys a great location less than two miles from the MS/TN border and the asset’s strategic location gives residents the flexibility to live in the more tax favorable city of Southaven and enjoy its quality school system while still benefiting from the large range of employment opportunities found throughout Memphis. Dorchester Place has received significant exterior capital infusion over the past year and is now primed for interior renovations which would result in significant rental increases across all floorplans. Rents currently sit well below the market comp set and tremendous organic and value-add upside for the next owner remains. There are presently 54 units (42% of the property) which are dedicated HAP units. The rents for these subsidized units have historically lagged the market considerably, however the HAP rents are currently undergoing a re-assessment which is expected to conclude the asset to be worthy of significantly higher rates. Pending final approval, the rents for these HAP units would immediately increase $220/month on average, and as high as $247/month for 2x1 units. This would create additional rental income of $11,760/month or $141,120/year without additional capital injection needed across these units. Should these same rent levels reach saturation across the 74 remaining market rate units upon completion of a value-add program, rental income would increase an additional $23,778/month or $285,336/year. Dorchester Place not only sits four miles from the city's largest employer, the Amazon Fulfillment Center which employs 3,300, but is also well-positioned less than three miles from the Baptist Memorial Hospital which accounts for another 1,750 jobs. Southaven hosts several other large employers including Williams-Sonoma, Milwaukee Tools, and FedEx, which combine to account for 5,000 additional jobs in the immediate area. Due to its strategic proximity to Memphis, Dorchester Place is also within twenty minutes of the City’s largest employers. FedEx, Kroger, Wal Mart, and St. Jude's Hospital are just a few notable employers close by which alone account for over 47,000 jobs. The asset is being offered either free and clear of existing debt or as an assumption of the existing loan. Please see the link below to access information on this opportunity and reach out to the Gulf States office of Marcus & Millichap for additional information - we look forward to discussing this opportunity along with our other offerings soon!

Investment Highlights

  • As an integral suburb of Memphis, TN, Southaven enjoys a great location less than two miles from the MS/TN border while offering it's residents the flexibility to live in a more tax favorable city.
  • Dorchester Place sits four miles from the city's largest employer, the Amazon Fulfillment Center which employs 3,300, and is also less than 3 miles from Baptist Memorial Hospital which employs 1,750.
  • Dorchester Place has received significant exterior capital infusion over the past year and is now primed for interior renovations which would result in significant rental increases across all units.

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Senior Associate

    (901) 620-3600

    License(s) MS: 15586

    Mississippi

Multifamily

Dorchester Place

Listing Price: Request For Offer

Number of Units
128
Gross SF
566,280

Investment Highlights

  • As an integral suburb of Memphis, TN, Southaven enjoys a great location less than two miles from the MS/TN border while offering it's residents the flexibility to live in a more tax favorable city.
  • Dorchester Place sits four miles from the city's largest employer, the Amazon Fulfillment Center which employs 3,300, and is also less than 3 miles from Baptist Memorial Hospital which employs 1,750.
  • Dorchester Place has received significant exterior capital infusion over the past year and is now primed for interior renovations which would result in significant rental increases across all units.

Investment Overview

The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Dorchester Place Apartments, 128 units located in Southaven, MS. An integral part of the greater Memphis, TN MSA, this community enjoys a great location less than two miles from the MS/TN border and the asset’s strategic location gives residents the flexibility to live in the more tax favorable city of Southaven and enjoy its quality school system while still benefiting from the large range of employment opportunities found throughout Memphis. Dorchester Place has received significant exterior capital infusion over the past year and is now primed for interior renovations which would result in significant rental increases across all floorplans. Rents currently sit well below the market comp set and tremendous organic and value-add upside for the next owner remains. There are presently 54 units (42% of the property) which are dedicated HAP units. The rents for these subsidized units have historically lagged the market considerably, however the HAP rents are currently undergoing a re-assessment which is expected to conclude the asset to be worthy of significantly higher rates. Pending final approval, the rents for these HAP units would immediately increase $220/month on average, and as high as $247/month for 2x1 units. This would create additional rental income of $11,760/month or $141,120/year without additional capital injection needed across these units. Should these same rent levels reach saturation across the 74 remaining market rate units upon completion of a value-add program, rental income would increase an additional $23,778/month or $285,336/year. Dorchester Place not only sits four miles from the city's largest employer, the Amazon Fulfillment Center which employs 3,300, but is also well-positioned less than three miles from the Baptist Memorial Hospital which accounts for another 1,750 jobs. Southaven hosts several other large employers including Williams-Sonoma, Milwaukee Tools, and FedEx, which combine to account for 5,000 additional jobs in the immediate area. Due to its strategic proximity to Memphis, Dorchester Place is also within twenty minutes of the City’s largest employers. FedEx, Kroger, Wal Mart, and St. Jude's Hospital are just a few notable employers close by which alone account for over 47,000 jobs. The asset is being offered either free and clear of existing debt or as an assumption of the existing loan. Please see the link below to access information on this opportunity and reach out to the Gulf States office of Marcus & Millichap for additional information - we look forward to discussing this opportunity along with our other offerings soon!

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Senior Associate

    (901) 620-3600

    License(s): MS: 15586

    Mississippi

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