Heritage Place Apartments

3830 Poplar Springs Drive Meridian, MS 39305

  • 127,681 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

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

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