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. The property was purchased in January of 2020 for $25M with a budget of $13M in renovations. Renovations were completed and the overall business plan was executed by mid-2022 with a refinance after stabilization.

  • 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. The average household income within a 5-mile radius of the property is $83,190.