Urban Peddler & Stonerose Apartments 2 biens | Immeuble residentiel | À vendre | 2 044 800 € | Memphis, TN

ASSUMABLE LOAN AT 3.96%!
SEE DOCUMENT PORTAL ON LISTING WEBSITE FOR LOAN ASSUMPTION DETAILS

RENOVATED MULTIFAMILY PROPERTIES IN MIDTOWN MEMPHIS
URBAN PEDDLER AND STONEROSE Apartments feature historically cool two-story garden style buildings with a total of 24 two-bedroom units. Ideally situated in the heart of Midtown, the properties are within walking distance of the vibrant Overton Square, home to Memphis Ballet, Theater Memphis, and a diverse array of restaurants and live music venues. Residents also enjoy easy access to Overton Park, offering golf, scenic walking trails, and concerts at the historic Overton Park Shell.
Beyond their prime location for entertainment and recreation, Urban Peddler and Stonerose are strategically positioned near major employment hubs, with over 112,000 white-collar jobs in the vicinity. The property is also close to key retailers such as Kroger, Home Depot, CVS, and Walgreens. Additionally, they lie just minutes east of more than $14 billion in hospital expansions, including groundbreaking projects at St. Jude Children’s Research Hospital and Regional One, which are set to create thousands of new jobs and further enhance the area’s economic growth.

Fannie Mae assumption requirements:
• 20% Equity Requirement: Fannie Mae typically requires a 20% cash investment on all assumptions. They would like to see the same on this transaction, though they are open to structuring it in a way that works to your advantage.
• Equity Structure: A portion of this 20% equity can be satisfied by the difference between the agreed-upon purchase price and the current outstanding loan balance at the time of closing.
• Remaining Equity as Reserve: The remaining balance can be placed into a reserve account to be used for property improvements. This reserve would function like a draw escrow — you can access the funds as work is completed. While there are no mandatory improvements required, the expectation is that you'll want to reposition the asset to enhance occupancy and increase rents to market levels. Also, this escrow account does not have to be replenished. It is one time only for improvements or repairs to the property.
• Third Party Management: You may choose from any of the great local area management companies, and we can assist with some recommendations when ready.
This structure not only satisfies Fannie Mae's assumption criteria but also gives you flexibility in how you invest in and upgrade the property.