Monticello Apartments
Zig When Others Zag
Monticello Apartments provides a great example of the MRG approach to identifying opportunities where others may not see them.
Monticello Apartments, a quality 202 unit community of 1, 2 and 3 bedroom floor plans with significant amenities, was developed in 1985 in southeast Shelby County and operated successfully by the original development company for well over a decade. But when the demographics in that area began to transition in the early 2000’s, Monticello’s developer – and other apartment owners – began divesting properties there in favor of investing in other markets.
| Address |
6625 Monticello Lane Memphis, Tennessee |
|---|---|
| Date Acquired | 12/8/2003 |
| Original Purchase Price | $9.7 million |
| Original Equity |
$2.130 million for both joint venture partners; $1.065 million for Memphis investment group |
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Our Approach
We saw things differently at MRG. We saw a well-maintained property that would require only routine capital investments, like roof replacements, fencing, paving and landscaping. We saw the property’s proximity to east Memphis and I-385, and its location right next door to significant Class A office space at Lenox Park. We saw that continuing to manage the property well would enhance its value in the long run. In a word, we saw opportunity. The numbers speak for themselves.
Sometimes the best investment strategy is to zig when others zag.