Capstone Apartment Partners is pleased to present Cedar Run, a 416-unit, 1975-constructed multi-family asset in Memphis, TN. Located in East Parkway Village directly off Bill Morris Parkway, the property offers immediate access to major employment and retail nodes of southeast Memphis and Germantown. Current ownership has completed full-scope interior renovations in 279 units, spending over $17 million over the last 4 years in capital expenditures, allowing the buyer to continue the proven value-add program in the remaining 137 semi-renovated units with limited deferred maintenance and amenity upgrading. Additionally, the property benefits from a 10-year PILOT through the Health, Educational, and Housing Facility Board of Memphis, effective January 2018; current ownership has applied for a 10-year extension that would extend expiration to January 2038.