- Situated In Memphis’ Incredibly Attractive Bartlett Submarket
- Proven Value-Add With Significant Upside Remaining
- Operational Upside Potential | Annual Loss-To-Lease Upside Of $85k+
- $6.2m+ In Capital Improvements Recently Completed
- Prime Location And Ultra-Desirable Asset Characteristics
- Offered Free & Clear Of Existing Debt
Situated in Memphis’s Attractive Bartlett Submarket
Located in the heart of Shelby County, the commanding Bartlett submarket is a growing progressive community with a strong, diversified economy an exceedingly high quality-of-life relished by locals. The 10th largest city in Tennessee, it continually garners top billing as one of the best places to work and play in the entire state, with a highly educated population and average household income that pushes the six-figure marker.
Proven Value-Add with Significant Upside Remaining
Summer Trace has realized a substantial return on investment through various iterations of unit and amenity modernization. The proven value-add is a tribute to high-flying success of the current business plan with significant opportunity still on the horizon for new ownership, who will benefit from the ability to continually capture remarkable rent upside and drive outsized returns.
Operational Upside Potential | Annual Loss-To- Lease Upside of $85k+
Currently operating at roughly 93% occupancy, the asset is well poised for new ownership to add substantial value through simple operational improvements including escalating economic occupancy and implementing expense controls to operate more efficiently and in line with market.
With new management implementation and additional upgrades to the asset, a significant loss amount of the in-place loss to lease can be recaptured at lease renewal and trade-out as new ownership has the opportunity capture $85,000+ with very little capital spent.
