3830 Poplar Springs Dr
Meridian, MS 39305
Heritage & Olde Poplar Place Apartments · Multifamily Property For Sale · 129 Units

Performing Asset with Real Upside in Rents and Unit Upgrades Property is 94+% occupied and has rental increases in place that are being achieved at renewal and with new leases. Class leading competition is experiencing asking rents $108 higher than the subject which equates to $.17 a sf. Much of this additional value should be accessible with an interior renovation program. The property is located in one of the best micro markets in Meridian and has a long history of being a preferred apartment community in the MSA. Property is offered free and clear, has been reviewed by multiple DUS lenders, and should qualify for outstanding debt structure day one subject to sponsor strength. The new owner should experience double digit yields going in with significant additional upside during an interest only period and with the realization of in place rent increases. Heritage / Olde Poplar Place was a Legacy Asset until 2016 and is in excellent physical condition with no down units or significant deferred maintenance items. Property Highlights Excellent location and physical condition Preferred area asset with multiple floorplans, attractive layout and curb appeal Constrained supply of future units with high occupancy in competitive set Investment Highlights Solid operating track record with a waiting list for future tenants Recent management change enhancing returns through controlling expenses and pushing rents Potential for double-digit yields going in with additional upside