Westbury Apartments
Home-Sweet-Westbury
At MRG, we believe that good returns are a by-product of developing and managing multi-family communities where renters consider themselves residents and apartments feel like homes.
The vision of The Westbury was to develop a property that featured luxurious design elements reminiscent of fine single-family homes. Alternating brick and HardiPlank buildings with gabled roofs and asphalt shingles look and feel like single-family residences. A pinwheel building design eliminates breezeways and gives each unit its own separate, home-like entrance. Standard features include crown molding, 9’ ceilings, garden tubs, walk-in closets, and utility rooms with washer/dryer connections. Units also feature some combination of direct-access garages, French doors, balconies or patios.
| Address |
3820 Mission Hills Drive Memphis, Tennessee |
|---|---|
| Development |
Phase 1: 222 units completed 2005 Phase 2: 128 units completed 8/2006 |
| Total Cost | $25.8 million |
| Original Equity | $3.8 million |
Average 8 year ROI
14.2%
2012 ROI
16%
Current Occupancy Rate (2013)
95.7%
2012 Turnover Rate
42%
Explore The Westbury
Our Approach
In developing The Westbury, MRG and partners Belz Enterprises sought to provide a higher price point offering to complement the more moderately priced neighboring property, Champion Hills at Windyke, developed in the mid-1990’s by the same group. The two adjacent properties are located approximately 1.25 miles from the I-385/Forest Hill Irene interchange in the busy Southeast Technology Corridor that includes employers such as FedEx and Nike.
The strategy has provided a variety of options for residents and produced some pretty sweet returns for investors. MRG staff leased up the property within two years at rent levels that were $100 higher than comparable properties. The average before tax cash on cash lifetime ROI for The Westbury is 14.5%.*
*From project inception through June 2011.