Parkway Place Apartments

PARKWAY PLACE

Motivated Sellers  - Ideal candidate for Agency Debt

32 Condo-Grade Luxury Residences

2022 Full-Scale Renovation - Turnkey

92% Occupancy

$1,072 / $1.65psf Avg Rent

NEWLY PRICED:  $4,100,000 or $128,125/ Unit

INVESTMENT HIGHLIGHTS

Full-scale Class A Rehab - Classic historic building revitalized into ultra-sleek residences with modern conveniences including in-unit W/D + secured parking

Midtown Memphis - Hip lifestyle location near Overton Park walkable to shops, recreation & entertainment

Near Major Employment Anchors - Midway between Poplar/I-240 Office Hub, Medical District & Downtown CBD

Loss-To-Lease Upside- Opportunity to bring rents to existing market and capture 8%+ or $100/Unit in Loss To Lease

Popular Neighborhood with Demonstrated Rental Demand - Newly delivered Class A community nearby achieves $1,786 or $1.91psf in average rent

Parkway Place is a 32-unit Class A renovation of a mid-century building in Midtown Memphis and offers convenient access to the city’s core economic anchors—including the Medical District and adjoining Downtown’s Central Business District. The Property offers Midtown Memphis convenience in a Live Work Play environment popular with today’s urban renter, notably its proximity to Overton Square Theater District and the recreational amenities offered at the 384-acre Overton Park with its beautiful walking trails, a golf course, and the award-winning Memphis Zoo.

Parkway Place offers historic Midtown character revitalized to meet the needs of modern life, featuring contemporary residences, sleek finishes, well-designed features, and code-accessed resident parking. The comprehensive renovation includes a complete replacement of all interior finishes, including contemporary wood cabinetry, high-end granite countertops, stainless steel appliances, porcelain tile, newly updated baths with new vanities; the exterior rehab involves new roofs, new windows, new courtyard fencing, newly expanded and paved parking, code-accessible gated entry and amazing new landscaping.

For new Ownership, Parkway Place presents the opportunity to enjoy existing cash flows coupled with the opportunity to ride the wave of value appreciation given the Property’s close proximity to the major employment hubs in the City’s core.