Heritage Place Apartments
3830 Poplar Springs Drive Meridian, MS 39305
- 127,681 Square Feet
- For Sale
Performing Asset with Real Upside in Rents and Unit Upgrades
>Property is 94+% occupied and has rental increases in place that are being achieved at renewal and with new leases.
>Class leading competition is experiencing asking rents $108 higher than the subject which equates to $.17 a sf. Much of this additional value should be accessible with an interior renovation program.
>The property is located in one of the best micro markets in Meridian and has a long history of being a preferred apartment community in the MSA.
>Property is offered free and clear, has been reviewed by multiple DUS lenders, and should qualify for outstanding debt structure day one subject to sponsor strength.
>The new owner should experience double digit yields going in with significant additional upside during an interest only period and with the realization of in place rent increases.
>Heritage / Olde Poplar Place was a Legacy Asset until 2016 and is in excellent physical condition with no down units or significant deferred maintenance items.
Property Status: For Sale
Area Available: 127,681 Square Feet