Download Offering Materials: Ironworks Apartments
Capstone Apartment Partners is pleased to present Ironworks Apartments, a unique opportunity to acquire an exceptionally repositioned, 88-unit apartment community in Memphis, Tennessee. Originally constructed in 1966, the current owner has invested over $2.9 million in exterior capital expenditures and interior renovations encompassing 61 units and is currently in the process of renovating 16 additional units slated to be completed prior to closing. Superbly located within Memphis’ highly coveted Medical District, Ironworks is situated within walking distance to nearly 30,000 well-paying jobs across the six major medical institutions located in the district. Healthcare expansion in the Medical District and the urban-core renewal has fueled the rapid growth of Midtown, attracting a young, professional tenant base locating for proximity to the retailers and entertainment both Midtown and Downtown offer. Ironworks is well-positioned to capitalize on this explosive rent growth in the Midtown submarket, which has increased over 40% in the past six years. With an excellent location, positive renter demographics in the submarket, and a value-add program to complete, Ironworks presents investors an excellent asset with upside and bottom-line growth for years to come.
Investment Highlights
Extensive Capital Investment Completed
Proven In-Place Value-Add Program
Primely Located in Memphis’ Medical District
Memphis’ Most Sought After Submarket
