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.