Oakshire Downs Apartments & Townhomes 1717 Crimson Cir 300 Unit Apartment Building $6,750,000 ($22,500/Unit) Memphis, TN 38116

**GREAT OPPORTUNITY FOR LIHTC**
Oakshire Downs Apartments and Townhomes presents a rare and compelling value-add investment opportunity. The community comprises a total of 300 units across a mix of 6 townhome buildings, 20 two-story walk-up buildings, and 1 single-family residence, thoughtfully designed to accommodate a range of household sizes with one-, two-, and three-bedroom floor plans. Two accessory structures are also included in the development along with 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 does include several buildings in need of major renovations, offering investors the chance to fully reposition and modernize the asset.
The proposed post renovation amenities include a modern clubhouse, a laundry facility, on-site management and maintenance, a limited-access gate, and video surveillance.
All structures feature classic brick exteriors with asphalt shingle roofing. 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 options, with many working families and individuals struggling to find quality, reasonably priced rental units. This shortage has been amplified by rising rents, creating a 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 resource for low- and moderate-income households seeking safe, affordable, and comfortable homes. Renovating and repositioning this community will not only unlock its value-add potential for investors but also contribute meaningfully to expanding Memphis’s affordable housing inventory—supporting local economic stability and community revitalization efforts.