HARRIET Memphis TN 38128

Marcus & Millichap is pleased to announce the exclusive listing of Ashton Hills Apartments, a 200-unit apartment community located in Memphis, TN within 3 miles of the Nike North America Logistics Campus, Amazon Fulfillment and Distribution Center and the I-40/240 loop providing access to the entire MSA

• Proven Value Add Strategy
  
• Current ownership has invested over $2.4MM ($12,000 per unit) into the property including new luxury flooring, black appliance packages, cabinetry, countertops, surrounds, vanities and fixtures. Analysis of comparable assets in the submarket support significant rent increases with further growth realized by continuing the in-place value-add program to completion estimated at a cost of $1,300,000, or $6,500 per unit, which is the same amount needed to satisfy the remaining P.I.L.O.T. obligation.
• Extremely Rare Long Term Tax Benefit
• Ashton Hills is currently enrolled in a 20-year P.I.L.O.T. tax abatement program providing advantageous tax treatment until 2040. The current tax amount of $83,814 ($400 per unit) is frozen in years 1-10 with a 10% annual increase in years 11-20 resulting in a cumulative tax savings of approximately $5,450,000, or $27,250 per unit.
• Proximity to Jobs and Access to Entire Memphis MSA
• Ashton Hills benefits from its location within the Raleigh submarket which is experiencing robust growth and capital investment. Ashton Hills is located within 3 miles of:
• Amazon Fulfillment Center MEM4 – 1,000 jobs, $200MM, 855k SF
• Nike North America Logistics Campus – 912 jobs, 2.8MM SF
• Raleigh Springs Civic Center – 65-acre multi use project completed in 2020 includes a state-of-the-art library, police department, pond with scenic walking path, and skate park.
• Offered Free & Clear