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Multifamily

Corner Park Apartments

4150 Winchester Rd, Memphis, TN 38118

Listing Price: Request For Offer

Number of Units
190
Gross SF
203,904

Investment Overview

The Gulf States & Memphis offices of Marcus and Millichap are pleased to present the exclusive opportunity to acquire Corner Park apartments, 190 units situated in Memphis, Tennessee. Corner Park will arrive to market 100% occupied with 100% collections and impressive organic rent growth in excess of $100/month on recent renewals. During the past ten years, ownership has completely rebuilt all interior units – HVAC systems, plumbing, electrical systems, all appliances, cabinetry, flooring, sheetrock, lighting, etc. are less than a decade old and now primed for a “2.0 upgrade” program which could yield between $75-150 rental premiums – figures which are in line with the submarket comp set. Additionally, the asset features an adjacent +/- 30-acre land parcel which may or may not be acquired along with the property and is positioned well for further multifamily development. This asset will be delivered free and clear of existing debt and sizes well for attractive agency financing. Please 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

  • The property is located within 1 mile of I-55 and within 2 miles of the I-240 south loop.
  • Close proximity to the Downtown Business District (80,000 jobs)
  • FedEx's World Headquarters (3,300 employees) is seven miles from the property

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Multifamily

Corner Park Apartments

Listing Price: Request For Offer

Number of Units
190
Gross SF
203,904

Investment Highlights

  • The property is located within 1 mile of I-55 and within 2 miles of the I-240 south loop.
  • Close proximity to the Downtown Business District (80,000 jobs)
  • FedEx's World Headquarters (3,300 employees) is seven miles from the property

Investment Overview

The Gulf States & Memphis offices of Marcus and Millichap are pleased to present the exclusive opportunity to acquire Corner Park apartments, 190 units situated in Memphis, Tennessee. Corner Park will arrive to market 100% occupied with 100% collections and impressive organic rent growth in excess of $100/month on recent renewals. During the past ten years, ownership has completely rebuilt all interior units – HVAC systems, plumbing, electrical systems, all appliances, cabinetry, flooring, sheetrock, lighting, etc. are less than a decade old and now primed for a “2.0 upgrade” program which could yield between $75-150 rental premiums – figures which are in line with the submarket comp set. Additionally, the asset features an adjacent +/- 30-acre land parcel which may or may not be acquired along with the property and is positioned well for further multifamily development. This asset will be delivered free and clear of existing debt and sizes well for attractive agency financing. Please 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

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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