ARA Newmark is pleased to present The Preserve at Forest Creek, a 414-unit, Class A multifamily community located in the Germantown/Collierville submarket of Memphis, Tennessee.
Excellent Value-Add Opportunity
- There is a value-add opportunity to upgrade units to capitalize on the strength of the location and demand for upscale amenities.
- Currently, the property achieves $35 rent increases for flooring upgrades. Additional upgrades can further bridge the $100-$120 gap with newer communities.
Property Benefits from Exceptional Location
- Prime location on the corner of Nonconnah Parkway (TN-385) and Forest Hill Irene Road.
- Located in the exclusive Germantown/Collierville submarket, with the highest suburban rents and occupancies.
Proximity to Major Employment and Stellar Demographics
- Two miles from over two million SF of FedEx Corporate Headquarters, home to 6,300 employees.
- Average household income within five miles of the property is $108,000, which is $40,000 higher than the Memphis MSA.
Great Amenity Package & Spacious Floor Plans
- High-end unit finishes include tile and wood floors, crown molding, maple cabinets, 9-foot ceilings, Roman style tubs, and marble bath vanities.
- Luxurious amenity package includes a spacious clubhouse with a bar, a heated swimming pool, an indoor sports court, and a state-of-the-art fitness center.