Ownership has invested over $9.2 million since 2021 in the property, significantly enhancing resident experience. Approximately 80% of units have been upgraded, with 50% featuring “Silver” level finishes (digital thermostats, updated paint, hardware, and plantation blinds) and roughly 30% elevated to “Gold Deluxe/Platinum” finishes, which are already achieving rent premiums north of $200 per unit. About 20% of units remain in classic condition, presenting a clear and actionable value add roadmap.

The future business plan centers on modernizing the remaining 70% of units to Gold Deluxe and Platinum standards, further capturing substantial rent upside while building on the demonstrated premium already achieved. 

Park at New Castle features a robust community amenity package, including resort-style swimming pools, lounges, spa, a state-of-the-art fitness center, a lighted sports court, and enhanced security features – positioning the property as a highly competitive offering within the Memphis submarket.

Strategically located just north of Nonconnah Parkway (385) with direct connectivity to I240, the property provides residents convenient access to major employment centers, retail, dining, and entertainment across the metro. The immediate three-mile trade area is characterized by strong fundamentals, including a $73,000 median household income, 48% renter-occupied housing, and a population exceeding 100,000, underpinning durable renter demand and rent growth potential.

The property is being delivered free and clear of debt, providing investors with maximum flexibility in structuring new financing. Park at New Castle features an attractive basis and an in-place going-in capitalization rate above approximately 6.25%. The opportunity combines immediate yield with a clear, executable value-add strategy and meaningful upside through continued unit upgrades and rent growth.