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972-Unit Country Squire Apts. in Memphis Pitched as Ideal Value-Add Play

30-Year-Old Cordova, TN Complex Set for Renovations
January 19, 2018
A vintage 1980s apartment complex in Cordova, TN is being pitched as a value-added play for investors.

Country Squire Apts., a 972-unit, garden-style complex, was built in phases between 1984 and 1987 at 8056 Country Squire Ln. on the eastern edge of Memphis. It is currently about 93% occupied.

New York’s CLK Properties, a division of Northstar Realty Finance, acquired the complex in 2013 for $49.2 million, according to CoStar records, or about $50,000 per unit. Local experts expect it to trade for around $55 million, or $56,000 per unit this time around. Newmark’s Apartment Realty Advisors has the listing.

The most obvious move for a new owner would be to renovate the unit interiors. Most have not seen a major overhaul since their original construction, and Memphis has seen a steady stream of new apartments in recent years. A new owner could spruce up the apartments with high-end appliance, better flooring and other touches to cut the gap between Country Squire’s current rents and those at the swankier new properties, while still offering renters a discount.

The city has seen strong employment during the economic recovery, especially in the medical sector. That has helped fuel demand for rentals, despite relatively low for-sale housing prices. Vacancy stood at 11.4% at the end of last year, up slightly from 2016’s 11.3%, but well below the 13.9% rate of 2008.

John Doherty, Multifamily Reporter  CoStar Group   

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