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7833 Stellar Ln., Memphis, TN 38125
PROPERTY Stats
96
UNITS
2006
Year Built
100,856
sF
PROPERTY OVERVIEW
Eagles Landing Apartment Homes is a 96-unit affordable housing community located in Memphis, TN. The property is conveniently located minutes away from dining, schools, parks, and shopping venues, including Walmart Neighborhood Market, Kroger, Lowe’s, Costco, and the shops at Hickory Ridge Mall. Additionally, the Memphis International Airport and downtown Memphis are within 30 minutes from the property via I-240.
The property was built and placed in service in 2006 and under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 50% and 60% of Area Median Income (AMI) limits, which are provided by the Tennessee Housing Development Agency (THDA).
In addition, there is an adjacent parcel of land of approximately 10 acres that will be sold with Eagles Landing. This provides a buyer the opportunity to develop a second phase, taking advantage of excellent location and high demand for housing. The parcel is zoned for multi-family with an existing site plan laying out 124 units.
The property is comprised of one, two, three, and four bedroom apartment homes featuring large closets, extra storage, washer/dryer connections, wood plank flooring, and kitchens equipped with a refrigerator, disposal, and dishwasher.
The community offers residents organized community events, a playground, community event space, lush landscaping, 24-hour emergency maintenance, and courtesy patrol.
The maximum allowable rents at the property are several hundred dollars below market comps, resulting in very low turnover as evidenced by a vacancy rate below 1.0% over the trailing-12 months
Opportunity to develop a second phase with the adjacent approximately 10 acre parcel of land to be sold with the property
Potential to convert the property to market following the expiration of the LIHTC restrictions at the end of 2036
Located in a strong submarket in Memphis, with the median household income at nearly $80,000 within a one-mile radius of the property
Terrific rental upside as the property is operating at nearly a 17% loss to lease to the current max net rents
Ford announced plans to build one of the largest electric vehicle manufacturing plants in the nation, located at the Memphis Regional Megasite- Blue Oval, a $5.6 Billion, 3,600-acre campus, which will add nearly 6,000 new jobs to the region when it opens in 2025
INVESTMENT HIGHLIGHTS
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
PATRICK JORDAN
Senior Director
Multifamily Housing
901.425.1828
patrick.jordan@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Contacts and Office Locations
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601 Union Street
Suite 3909
Seattle, WA 98101
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2320 South Germantown Road
2nd Floor
Germantown, TN 38138
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKERS
CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
EAGLES LANDING
APARTMENT HOMES
7833 Stellar Ln., Memphis, TN 38125
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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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7833 Stellar Ln., Memphis, TN 38125
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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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