Kiwi Goji Apartments
Memphis TN
Virtual Tour
Goji Apartments
Building
Summary
- Price $14,200,000
- Price per unit $173,000
- Sale Type Investment
- Status Active
- Number of Properties 2
- Total Building Size 87,755 SF
- Total Land Area 5.32 AC
Investment Highlights
INVESTMENT HIGHLIGHTS
$14,200,000 or $173,000/Unit
Cap Rate
6.80%
Interest Rate
5.73%
Fannie 10yr 80% LTV Half-term IO
*As of 7.13.23, see Document Center
LOW RISK PROFILE
· Already completed full-scale Class A remodel
· 90% Stabilization as of July 2023; 96% Preleased
· Suitable for Agency Financing at 100bps below Going-In Cap
OPERATIONAL UPSIDE
· Under institutional property management (excessive 51% Expense Ratio)
· Smallest asset in Owner's multi-state portfolio
· Opportunity to lower operating costs with nimble mid-sized property manager focused on more well-tuned operations, leasing and marketing strategies
PERENNIAL DEMAND
· High-traffic location in epicenter of jobs flanking grocery-anchored retail mecca
· Near lifestyle districts offering dining, entertainment, recreation
PROPERTY TOURS AVAILABLE BY APPOINTMENT ONLY
Key Facts
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186