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Southernwood 592 Patterson St

23 Unit Apartment Building $3,023,760 CAD ($131,468 CAD/Unit) Memphis, TN 38111

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Executive Summary

Walkable to the University of Memphis campus - if you lived any closer you would have to enroll!

23 units with a laundry facility. Intentional heavy turnover of tenants in 2023-2024 for apartment improvements. Floors and countertops have been replaced as needed along with other work to take the apartments to the next level. The property has been stabilized with tons of upside remaining for further improvements. The best of both worlds!

Average current rents for 2-bedroom one bath apartments are $906/month with surrounding market comps showing an average of $1,050/month with highs of $1,295 per month for 2-bedroom townhomes. Student housing on campus rent for an average of $750-850 per room.

The offering includes 3 parcels, including two improved parcels and one vacant parcel with improved surface parking. The seller suggests that there is room for more apartments to be built on the extra parcel.
Recovery on the horizon: President Jonathan Gray, of BREIT, says Blackstone is positioning for a rebound and focusing on rental housing, especially student housing. Wesley LePatner, who will take over as CEO of BREIT in January, highlighted the “structural undersupply” of student housing in the US, positioning it as a resilient asset class.
The student housing industry wrapped up a stellar leasing season with more than half of the Yardi 200 schools achieving at least 95% occupancy. Rent growth has averaged 5.8% during the leasing season.

Offering Memorandum

Property Facts

Price	$3,023,760 CAD	Lot Size	0.31 AC
Price Per Unit	$131,468 CAD	Building Size	7,772 SF
Sale Type	Investment	Average Occupancy	100%
No. Units	23	No. Stories	2
Property Type	Multifamily	Year Built/Renovated	1965/2023
Property Subtype	Apartment	Parking Ratio	1.93/1,000 SF
Apartment Style	Low Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Building Class	C

Price	$3,023,760 CAD
Price Per Unit	$131,468 CAD
Sale Type	Investment
No. Units	23
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	0.31 AC
Building Size	7,772 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1965/2023
Parking Ratio	1.93/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.