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These are the type of properties America 2030™ seeks to purchase as syndicated investments. None of the properties on this page were purchased, sold, brokered or otherwise controlled, managed or owned by America 2030™, nor does America 2030™ make any representation that buildings such as these could be purchased by the fund.
361-Unit Class AA Multifamily Community - Memphis, Tennessee
361-Unit Class AA Community – Memphis, Tennessee
Project Overview: Sample Property D was built in 2002 and is a 361-unit, class AA community located downtown Memphis. The property is convenient to everything in a downtown urban
lifestyle – employment, entertainment, sporting events, shopping, dinning, education, and transportation.
The property offers a diverse unit mix with one, two, and three bedroom floor plans with and average size of 843 square feet.
| Individual Units Feature: |
Community Amenities: |
- Dual sided fireplaces
- Monitored intrusion alarm systems
- Garden Tubs
- Oversize, double bathroom vanities
- Walk-in showers
- Nine foot ceilings
- Bay windows
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- Controlled access buildings
- Swimming pool
- Clubhouse with lounge and big screen television
- Security camera in all buildings
- Guest suite
- Business center
- Leasable indoor and outdoor storage units
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| Unit Type |
Number of Units |
% of Total |
Unit Size (SF) |
Total SF |
Avg. Mkt. Rent |
| Studio |
80 |
22% |
504 |
40,320 |
$733 |
| 1 Bedroom / 1 Bath |
145 |
40% |
732 |
106,140 |
$898 |
| 2 Bedroom / 2 Bath |
129 |
36% |
1,116 |
143,964 |
$1,340 |
| 3 Bedroom / 2 Bath |
7 |
2% |
1,972 |
13,804 |
$2,177 |
| Total/Avg. |
361 |
100% |
843 |
304,228 |
$1,044 |
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Project Location:
The apartment community is situated in the outfield of AutoZone Park, the Memphis AAA baseball stadium that is continually noted for setting AAA attendance records as well as being recognized as one of the country’s greatest baseball parks. The property is not only located in the heart of downtown Memphis, but also the core of downtown redevelopment. The property is directly across from the Downtown Elementary School, two blocks north of Beale Street and the Fedex Forum, one block south of the midtown trolley line, and overlooking right field of AutoZone Park.
Property Purchase Price: $48,000,000
Potential Equity Investment: $19,100,000
Investment Analysis Summary:
- Institutional Quality Asset. Sample Property D is a class “AA” apartment community positioned in the heart of Memphis, Tennessee and its central business district, with over 80,000 employees.
The property offers a full suite of amenities not often found in urban developments including a
resort-style swimming pool,
controlled access buildings, clubhouse with lounge, fitness center, conference center and a gated covered parking garage.
- Competition. The Memphis rental market, including all seven
submarkets, remains strong with a 91.4% average occupancy rate and rental rates per square foot of $0.72.
The downtown Memphis apartment market has a 4.6% vacancy and rental rates per square foot of $1.08.
Sample Property D has an occupancy and rental rate of 90% and $1.24, respectively.
- Strong Demographics. The ongoing expansion has led to a downtown resident count of nearly 30,000, representing a population growth of over 9.3% since 2000.
The downtown population growth is expected to increase 38% by 2016. Population within a three mile radius of the property is 80,000 with average household income of $44,000.
- Downtown Memphis Rental Market. The downtown Memphis apartment submarket is the strongest in Memphis, with occupancy and rent growth consistently higher than market averages.
Third quarter new construction rents have seen 2.4% growth YTD.
These are the type of properties America 2030™ seeks to purchase as syndicated investments. None of the properties on this page were purchased, sold, brokered or otherwise controlled, managed or owned by America 2030™, nor does America 2030™ make any representation that buildings such as these could be purchased by the fund.
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