Walkable to the University of Memphis campus - if you lived any closer you would have to enroll! 23 units with a laundry facility. Intentional heavy turnover of tenants in 2023-2024 for apartment improvements. Floors and countertops have been replaced as needed along with other work to take the apartments to the next level. The property has been stabilized with tons of upside remaining for further improvements. The best of both worlds! Average current rents for 2-bedroom one bath apartments are $906/month with surrounding market comps showing an average of $1,050/month with highs of $1,295 per month for 2-bedroom townhomes. Student housing on campus rent for an average of $750-850 per room. The offering includes 3 parcels, including two improved parcels and one vacant parcel with improved surface parking. The seller suggests that there is room for more apartments to be built on the extra parcel. Recovery on the horizon: President Jonathan Gray, of BREIT, says Blackstone is positioning for a rebound and focusing on rental housing, especially student housing. Wesley LePatner, who will take over as CEO of BREIT in January, highlighted the “structural undersupply” of student housing in the US, positioning it as a resilient asset class. The student housing industry wrapped up a stellar leasing season with more than half of the Yardi 200 schools achieving at least 95% occupancy. Rent growth has averaged 5.8% during the leasing season.