Oakridge Commons Multifamily Site
Land | 4.19 acres
Marketing description
4.19 Acre Mixed-Use Site, Fully Entitled
Hwy 178 @ Magnolia Drive in Olive Branch, MS 38654
$979,000
$233,000/Acre or $5.50 PSF
The proposed Oakridge Commons P.D. is located in Olive Branch, a city in DeSoto County just across the TN/MS Stateline on the southern edge of the Memphis MSA.
It is the only fully entitled mixed-use site (mid-sized) in Olive Branch, which is historically undersupplied with no new Class A deliveries since 2007. Utilities are drawn to site with approved entitlements for:
· 65 Upscale Residences
· 10,000SF of Retail
· Comprehensive Amenity Concept with Onsite Management Office, Gym and Workout Facilities, Controlled Access, Parks and Green Space
Investment highlights
HIGH-GROWTH LOCATION
Olive Branch was named one of the fastest growing cities in U.S. with 90% population increase over past 2 decades. Part of the Memphis MSA's infrastructure and transportation network, Olive Branch has a flourishing industrial submarket with over 80 manufacturing and distribution centers, including Amazon, FedEx, Walmart and more.
Recognized for the best public schools in the state and a highly rated work force, the city was voted 50 Best Places to Live for Families in 2023. Goodman Road, the city's main commercial corridor, offers convenience to national retailers, dining, services, entertainment and more.
LOW MULTIFAMILY SUPPLY
A longstanding multifamily moratorium -- only recently lifted -- drives strong fundamentals in DeSoto County submarket: The newest communities (mid-2000 construction) post 2.3% vacancy and $1.50psf average lease rates. Lease rates for newly delivered (2015 or newer) Class A apartments in Memphis' suburbs average up to $2.21psf
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