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Multifamily

Ashton Hills Apartments

4183 Troost Dr, Memphis, TN 38128

Listing Price: Request For Offer

Number of Units
200
Occupancy
77.0%
Gross SF
202,380

Investment Overview

Current ownership has invested over $2.4MM ($12,000 per unit) into the property including new luxury flooring, black appliance packages, cabinetry, countertops, surrounds, vanities and fixtures. Analysis of comparable assets in the submarket support significant rent increases with further growth realized by continuing the in-place value-add program to completion estimated at a cost of $1,300,000, or $6,500 per unit, which is the same amount needed to satisfy the remaining P.I.L.O.T. obligation. Ashton Hills is currently enrolled in a 20-year P.I.L.O.T. tax abatement program providing advantageous tax treatment until 2040. The current tax amount of $77,973 (<$400 per unit) is frozen in years 1-10 with a 10% annual increase in years 11-20 resulting in a cumulative tax savings of approximately $5,772,019, or $28,860 per unit. Ashton Hills benefits from its location within the Raleigh submarket which is experiencing robust growth and capital investment: • Amazon Fulfillment Center MEM4 – 1,000 jobs, $200MM, 855k SF • Nike North America Logistics Campus – 912 jobs, 2.8MM SF • Raleigh Springs Civic Center – 65-acre multi use project completed in 2020 includes a state-of-the-art library, police department, pond with scenic walking path, and skate park

Investment Highlights

  • Proven Value-Add Strategy
  • Extremely Rare Long Term Tax Benefit
  • Proximity to Jobs and Access to Entire Memphis MSA

Exclusively Listed By

Multifamily

Ashton Hills Apartments

Listing Price: Request For Offer

Number of Units
200
Occupancy
77.0%
Gross SF
202,380

Investment Highlights

  • Proven Value-Add Strategy
  • Extremely Rare Long Term Tax Benefit
  • Proximity to Jobs and Access to Entire Memphis MSA

Investment Overview

Current ownership has invested over $2.4MM ($12,000 per unit) into the property including new luxury flooring, black appliance packages, cabinetry, countertops, surrounds, vanities and fixtures. Analysis of comparable assets in the submarket support significant rent increases with further growth realized by continuing the in-place value-add program to completion estimated at a cost of $1,300,000, or $6,500 per unit, which is the same amount needed to satisfy the remaining P.I.L.O.T. obligation. Ashton Hills is currently enrolled in a 20-year P.I.L.O.T. tax abatement program providing advantageous tax treatment until 2040. The current tax amount of $77,973 (<$400 per unit) is frozen in years 1-10 with a 10% annual increase in years 11-20 resulting in a cumulative tax savings of approximately $5,772,019, or $28,860 per unit. Ashton Hills benefits from its location within the Raleigh submarket which is experiencing robust growth and capital investment: • Amazon Fulfillment Center MEM4 – 1,000 jobs, $200MM, 855k SF • Nike North America Logistics Campus – 912 jobs, 2.8MM SF • Raleigh Springs Civic Center – 65-acre multi use project completed in 2020 includes a state-of-the-art library, police department, pond with scenic walking path, and skate park

Exclusively Listed By

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