Oakshire Downs Apartments & Townhomes 1717 Crimson Cir 300 Unit Apartment Building $6,950,000 ($23,167/Unit) Memphis, TN 38116

Oakshire Downs Apartments and Townhomes present a rare and compelling investment opportunity. The property is well-positioned for renovation into Low-Income Housing Tax Credit (LIHTC) affordable housing or market-rate units, offering multiple avenues for value creation. Recent capital improvements further enhance the asset's readiness, allowing a new owner to seamlessly execute a renovation strategy and bring the units to market.

The community comprises a total of 300 units across a mix of townhouse buildings, two-story walk-up buildings, and a single-family residence. The unit mix is thoughtfully designed to accommodate a range of household sizes, offering one-, two-, and three-bedroom floor plans. The development also includes two accessory structures and ample open-lot parking.

The total net rentable area spans approximately 274,138 square feet, all of which is currently vacant and ready for immediate renovation. The property consists of multiple buildings requiring significant upgrades, presenting investors with a compelling opportunity to reposition and modernize the asset entirely.

Proposed post-renovation amenities include a modern clubhouse, a laundry facility, on-site management and maintenance offices, a limited-access gate, and video surveillance. All structures feature classic brick exteriors with asphalt shingle roofing, offering durable construction and long-term appeal. The property's layout and unit mix make it well-suited for family-oriented housing, aligning with community-focused redevelopment strategies.

Memphis continues to face a significant shortage of affordable housing, a challenge further intensified by rising rental rates. The growing gap has created critical demand for well-maintained, affordable multifamily communities. Oakshire Downs is uniquely positioned to help address this urgent need. With its diverse unit mix, the property can serve as a vital housing resource for low- and moderate-income households seeking safe, affordable, and comfortable homes.

Renovating and repositioning the community will not only unlock substantial value-add potential for investors but also contribute meaningfully to expanding Memphis' affordable housing inventory, supporting long-term local economic stability and community revitalization efforts.