UNDER CONTRACT | Eden at Watersedge | Value-Add | 833 Units | Memphis, TN

2774 S Mendenhall Rd Memphis, TN 38115

  • 791,605 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

Built in 1970, Eden at Watersedge is a 833-unit garden-style apartment community composed of studio, one, two, and three bedroom apartment homes in Memphis, Tennessee. Conveniently situated just seconds away from Interstate 240 and Bill Morris Parkway, the Property features on the water living with a relaxing pool, ceiling fans, spacious closets, and hi-speed internet. The asset is surrounded by great views of Willow Lake and moments away from shopping and grocery.

Area Available: 791,605 Square Feet

Features:

  • Annual Rent Growth Rate: The Southeast Shelby County/Ridgeway submarket had an annual rent growth rate of 4.3% which was above the market average of 3%
  • Opportunity to Bridge the Rent Gap: Eden at Watersedge is currently operating 6.0% - 7.0% below comparable properties in average rent within the market
  • Well insulated: There is only one new development within the submarket, 6 miles away, in which has already been completed in January 2017
  • Strong Employment: Memphis has a diverse employment base of technology, agriculture, logistics, real estate, financial services as well as other industries
  • Memphis has continued to position itself as North America's Logistic Center with immediate access to Rail, Ground, Air and River transportation routes
  • Easily Accessible: Located minutes away from I-240, I-55 and I-40, Eden at Watersedge is easily accessible from anywhere in the city

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