Exclusive Single-Family BTR Forward Purchase Opportunity by America’s Largest Homebuilder, D.R. Horton
Neighboring over 15M Square Feet of Industrial Tenants, Totaling more than 5,500 employees (Amazon, Volvo, Nike, PepsiCo, ASICS)
One of the first true BTR developments in the Memphis MSA, offering future residents large units and low density, in a suburban-residential setting
Ultra-connected location at the highway 302 and I-269 gateway, providing quick access to thriving Memphis suburbs (Germantown and Collierville) as well as access to Arlington and Lakeland and the I-240 loop
Strong market occupancy coupled with popular product profile should be received extremely well, allowing future owners to continue to push rents
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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2320 S Germantown Road 2nd Floor Germantown, TN 38138 Office: 901.425.1828
MEMPHIS OFFICE
300 South Orlando Avenue Suite 1500 Orlando, FL 32801
ORLANDO OFFICE
The Memphis, TN-MS-AR, Metropolitan Statistical Area (MSA) is located on the Mississippi River with a population of nearly 1.4 million residents. Memphis features numerous amenities that make it an attractive choice for living and visiting. The area is known for its historic charm, desirable weather, low cost of living, and business-friendly environment. Greater Memphis boasts more than 20 colleges and universities and is home to the headquarters of Fortune 500 companies FedEx, International Paper, and AutoZone. In total, there are around 30 Fortune 500 companies with operations in Metro Memphis, each supporting 500-plus employees.
Greater Memphis is a national leader in logistics, ranking third in the U.S. in terms of rail service, fifth among inland ports, third in truck cargo, and employs the highest concentration of workers in logistics firms in the nation, at more than 11%. Little known to many investors, Memphis is a major banking center and hosts several major life science and technology businesses. From St. Jude Children's Research Hospital to The Ford Motor Company, Memphis continues to innovate and invest. Memphis is surging into 2024 with a flurry of economic investments. Memphis has at least 40 projects in the pipeline with a total investment estimated at over $16 billion for 2024.
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328.9k
24% of residents are in the key renter age group of 18 to 35
1.4M
The population in Greater Memphis
59%
of workers are in WHITE-COLLAR positions metrowide
29.2k
PROJECTED NET MIGRATION in the next 10 years from 2025 to 2034
Located in Byhalia, Mississippi: Proximate to more than 15 million SF of Industrial Development and 5,500+ jobs
Berkadia is pleased to exclusively present the opportunity to forward purchase Cayce Highlands (the “Property”), a to-be-developed, Class A build-to-rent (BTR) townhome community located in Byhalia, MS, part of the active Memphis, TN MSA.
Developed by America’s leading homebuilder, D.R. Horton, Cayce Highlands will consist of 105 two-story, wood framed single-family, townhome units, boasting an average size of 1,474 square feet across two distinct 3BR x 2.5BA and 4BR x 2.5BA floorplans, catered to the comfort and convenience of future residents. All homes will feature attached one-car garages, private two-car driveways, smart home technology packages, and top-of-market interior finishes.
As a forward sale, investors are presented with the opportunity to acquire this highly differentiated asset in one of the strongest growth markets in the U.S. at a discount to stabilized value. It is anticipated that the closing of the transaction will take place in several phases as buildings are delivered. Closing will be subject to each building being completed per plans and specs, and receipt of required certificates of occupancy.
THE OPPORTUNITY
A NEWLY DEVELOPED, 105 UNIT BUILD-FOR RENT COMMUNITY BY AMERICA’S LARGEST HOMEBUILDER, D. R. HORTON
BENJAMIN PARRISH
Associate Director
901.425.1829
ben.parrish@berkadia.com
TN #366891
JOEL KIRSTEIN Managing Director 815.545.6309 joel.kirstein@berkadia.com
MACKINLEY ROBINSON Senior Director 360.704.8831 mackinley.robinson@berkadia.com
PATRICK MCGLOHN Senior Managing Director 703.987.0874 patrick.mcglohn@berkadia.com
BRIAN GOULD Managing Director 917.297.7551 brian.gould@berkadia.com
MILES DRINKWALTER Senior Director 757.652.9597 miles.drinkwalter@berkadia.com
HUNTER WOOD Senior Director 804.513.6243 hunter.wood@berkadia.com
BRETT MOSS
Managing Director
SFR/BFR Specialist
321.319.1414
brett.moss@berkadia.com
FL SL3320854
PATRICK JORDAN
Managing Director
901.425.1828
patrick.jordan@berkadia.com
MS # B-24112
TYLER SWIDLER
Director
SFR/BFR Specialist
321.319.1415
tyler.swidler@berkadia.com
FL SL3437022