Investment Highlights
Completed Hotel Conversion: Both Airways and Springbrook recently completed conversions from hotels to multifamily properties. The transformation involved installing new wiring, kitchens, molding, and piping for each unit.
Water Reimbursement Opportunity: Current ownership is currently not charging for Water & Sewer. New ownership could implement a flat rate water charge to potentially increase NOI.
Opportunity to Add Amenities:New ownership has the add value to the property by transforming open spaces into valuable amenities. These could include a pool, grilling area, dog park, fitness center, tennis court, clubhouse, or game room.
Interior Value-Add: New ownership has the opportunity to increase rental income by upgrading in-unit interiors. Enhancements could include stainless steel appliances, granite countertops, vinyl plank flooring, upgraded cabinetry, ceiling fans, and patios.
$5.6 Billion Ford Motor Company Job Announcement: Ford announced a new campus hub which will bring 5,800 jobs. Over 27,000 indirect jobs will be created to help support the site’s operations.
St. Jude Hospital Development: St. Jude’s Children’s Research Hospital has increased its operational budget $1.4 billion in addition to adding over 2,300 jobs within the next 5 years. The hospital also recently announced plans to increase funds for construction, renovation, and capital to $2.3 billion from $1.9 billion.
Memphis’ Attractive Employment Base: Memphis is home to 20+ companies that employ over 1,000 people. Headlined by the following:
- Federal, State, County, and City Government:39,837 jobs
- FedEx Corporation HQ: 32,333 jobs
- Shelby and DeSoto County School: 19,455 jobs
- Methodist Le Bonheur Healthcare: 11,815 jobs
- Baptist Memorial Health Care: 9,956 jobs
- NSA Mid-South (Millington): 7,500 jobs
- St. Jude’s Children’s Research Hospital: 6,167 jobs and 73 beds
- Nike: 6,000 jobs
- Walmart (Incl. Fulfillment Center): 5,300 jobs
- Kroger (Incl. Divisional Office): 4,820 jobs
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Address:1360 Springbrook Avenue
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City, State:Memphis, Tennessee
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County:Shelby
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Year Built:1973
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Units:289