Located in the Germantown/Southwind submarket of Memphis, the 601-unit community was developed in two phases in 2002 and 2007. The property directly benefits from its proximity to high-profile corporate centers, a beautiful country club environment, and a state recognized exemplary school district.
Transaction Highlights:
MLG and CRA purchased the property in 2016 for $39.1 million and undertook a light value-add and re-branding strategy which included renaming the property from ‘Greens at Irene’ to ‘Park at Forest Hill’. The business plan primarily focused on improving the common areas and amenities, while also upgrading select units with items such as new vinyl plank flooring, stainless steel appliance package, kitchen and bathroom cabinet fronts and all new unit hardware.
The asset management team directed over $3.1 million to the improvement of the physical property with a single goal in mind, creating a sense of community. Families and individuals now have both indoor and outdoor multipurpose spaces to gather depending on their need. We took a property of 50 buildings and created a vibrant neighborhood.
