Hickory Grove Apartments is a garden-style apartment community consisting of 568 units located in SE Memphis, TN. The property was built between 1987 & 1989 by the Trammel Crow Company and have been owned by the ROCO Real Estate (NMHC Top 50 Owner) since 2015. 568 units, $25 million purchase price, approx $13 million in renovation costs, Memphis, TN Real Estate Investment & Property Management Project from Jan 2020 – Present.


  • Average cash-on-cash returns of 23.0% with 2.36x equity multiple in 6 years. (23%+ IRR)
  • 100% of the unit interiors remain in classic condition and will be upgraded to include new vinyl plank flooring, counter tops, black appliances, two-tone paint, upgraded lighting, electrical and door fixtures. The new interior renovations are projected to achieve $175/mo rent premiums on average.  Clear Value-Add Strategy.
  • The property will be enrolled in the PILOT program through the city of Memphis. Under this program, our property taxes will be reduced by 50% and frozen for  20 years. Property tax savings are estimated to exceed $3M over the ownership period and will result in over $8M of added property value at the time of sale.
  • The property is in the Southeast submarket, one of the primary class B submarkets in Memphis. The neighborhood is well established with comparable properties averaging 95% occupancy. Average household income within a 5-mile radius of the property is $83,190.
  • Memphis is experiencing the most development activity it has seen in many years with development projects exceeding $2.9 Billion currently in progress or the approval stage.