Whitehaven TN, 6.75M

Distress Sale, foreclosure MEMPHIS OPPORTUNITY:

Vacant, partially updated, partially waiting full rehab of units

Apartments and townhomes in Whitehaven, Memphis 38116300 Units | $22,500 /unit | $6,750,000 b/o

300 units across a mix of 6 townhome buildings, 20 two-story walk-up buildings, and 1 single-family residence
One-, two-, and three-bedroom floor plans.
Two accessory structures are included in the development along with ample parking.
The property does include several buildings in need of major renovations, offering investors the chance to fully reposition and modernize the asset.

Although this asset is not nor has been under any affordable housing restrictions,
it is well-positioned to become a HAP-voucher friendly property, benefitting from the need for affordable housingand generous guaranteed voucher payments.

Unit renovations:
About 60 Units: Renovation complete
Remaining 240 Units
~50% can be brought to rent for average $7500 per unit cost || =$1M
~50% full gut of units--$20,000+ per unit | =$2.4M

All estimates are approximate numbers and costs
Exterior Capex Not yet Estimated. All roofs in decent condition