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Kiwi Goji Apartments

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Address: 197 Windover Rd, Memphis, TN 38111, USA

Atlanta & Southeast + Apartment Buildings

Created date: February 29, 2024

Date last updated: September 20, 2024

Investment Opportunity
High-traffic location at Poplar and Highland Street intersection in coveted East Memphis submarket
Full-scale Class A remodel with first rate finishes
Convenient to employment anchors of Poplar/I-240 Office Hub, the Medical District, Downtown Memphis, and the University of Memphis area
One block apart flanking grocery-anchored Poplar Plaza retail mecca
Hip lifestyle location walkable to nearby restaurants, bars, breweries, and shops

Property Description

INVESTMENT HIGHLIGHTS $14,200,000 or $173,000/Unit Cap Rate6.80%
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

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$14,200,000
No. of Units:	82
Average Occupancy:	6.25
Year Built:	1947
Lot Size:	100,000.00 Sq ft
Opportunity Zone:	No
Price per unit:	$173,171
Property Website	Click Here