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Lakeland Town Square Phase II 4815 Market Green Pl W 121 Unit Apartment Building $50,590,801 CAD ($418,106 CAD/Unit) Lakeland, TN 38002
Investment Highlights
- OM and financials available on property website
- Call For Offers: July 31
- Call listing agent Lea Heilig at 901-767-1998 for more information
Executive Summary
PRINCIPALS ONLY | STRUCTURED CALL FOR OFFERS
LAKELAND TOWN SQUARE - Phase II
Institutional-Quality Mixed-Use Community I 2024 Delivery
121 Luxury Residences
23,400 SF Retail
Exclusive Forward Purchase Opportunity - Future Phase III
?$36,000,000 I $297,000/Unit
A+ Suburban Location I Lakeland, TN I Memphis MSA
?95% Multifamily Leased
93% Retail Leased *
Pro Forma NOI: $2,160,000
Pro Forma Cap: 6.0%
?* One retail lease out for signature
INVESTMENT HIGHLIGHTS
Institutional-Quality Mixed-Use Community – Newly constructed 121-unit Class A apartment community delivered in 2024 within Lakeland Town Square, a premier 40-acre mixed-use development located in one of the Memphis MSA's fastest-growing suburban markets.
Exclusive Forward Purchase Opportunity – Seller intends to offer the purchaser of Phase II the opportunity to negotiate a forward purchase of the fully entitled 51-unit Phase III, creating a contiguous 172-unit institutional-quality community under common ownership.
Strong Leasing Momentum – 94% multifamily leased and 93% retail leased, with one additional retail lease currently out for signature, further advancing stabilization.
Operational Scale Advantage – Phase III is designed to leverage the existing payroll, leasing, marketing, amenities and management platform, creating operating efficiencies not achievable by a standalone 51-unit community.
Premier Lakeland Location – Located in one of the Memphis MSA's fastest-growing suburban markets with immediate access to major employment centers, exceptional demographics, highly rated schools and limited new multifamily supply.
Embedded Portfolio Expansion – Seller intends to commence construction of the fully entitled Phase III in Q3 2026, providing the purchaser an opportunity to expand an existing investment without entitlement or vertical development responsibilities.
OFFERING PROCEDURE
Property Tours: By Appointment Only
Scheduled Tour Dates:
July 21 – 24
July 27 – 28
Call For Offers: July 31
Qualified principals are invited to submit offers as part of a structured Call for Offers process.
LAKELAND TOWN SQUARE - Phase II
Institutional-Quality Mixed-Use Community I 2024 Delivery
121 Luxury Residences
23,400 SF Retail
Exclusive Forward Purchase Opportunity - Future Phase III
?$36,000,000 I $297,000/Unit
A+ Suburban Location I Lakeland, TN I Memphis MSA
?95% Multifamily Leased
93% Retail Leased *
Pro Forma NOI: $2,160,000
Pro Forma Cap: 6.0%
?* One retail lease out for signature
INVESTMENT HIGHLIGHTS
Institutional-Quality Mixed-Use Community – Newly constructed 121-unit Class A apartment community delivered in 2024 within Lakeland Town Square, a premier 40-acre mixed-use development located in one of the Memphis MSA's fastest-growing suburban markets.
Exclusive Forward Purchase Opportunity – Seller intends to offer the purchaser of Phase II the opportunity to negotiate a forward purchase of the fully entitled 51-unit Phase III, creating a contiguous 172-unit institutional-quality community under common ownership.
Strong Leasing Momentum – 94% multifamily leased and 93% retail leased, with one additional retail lease currently out for signature, further advancing stabilization.
Operational Scale Advantage – Phase III is designed to leverage the existing payroll, leasing, marketing, amenities and management platform, creating operating efficiencies not achievable by a standalone 51-unit community.
Premier Lakeland Location – Located in one of the Memphis MSA's fastest-growing suburban markets with immediate access to major employment centers, exceptional demographics, highly rated schools and limited new multifamily supply.
Embedded Portfolio Expansion – Seller intends to commence construction of the fully entitled Phase III in Q3 2026, providing the purchaser an opportunity to expand an existing investment without entitlement or vertical development responsibilities.
OFFERING PROCEDURE
Property Tours: By Appointment Only
Scheduled Tour Dates:
July 21 – 24
July 27 – 28
Call For Offers: July 31
Qualified principals are invited to submit offers as part of a structured Call for Offers process.
Property Facts
| Price | $50,590,801 CAD | Building Class | A |
| Price Per Unit | $418,106 CAD | Lot Size | 32.60 AC |
| Sale Type | Investment | Building Size | 150,000 SF |
| No. Units | 121 | Average Occupancy | 84% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2024 |
| Apartment Style | Low-Rise | ||
| Zoning | CA | ||
| Price | $50,590,801 CAD |
| Price Per Unit | $418,106 CAD |
| Sale Type | Investment |
| No. Units | 121 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 32.60 AC |
| Building Size | 150,000 SF |
| Average Occupancy | 84% |
| No. Stories | 3 |
| Year Built | 2024 |
| Zoning | CA |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Wi-Fi
- Island Kitchen
Site Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Pool
- Property Manager on Site
- Trash Pickup - Door to Door
- Walking/Biking Trails
- Wi-Fi
- Storage Space
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 60 | - | 631 - 850 |
| 2+2 | 61 | - | 918 - 1,117 |
Not walkable
10/100
Exceptionally drivable
90/100
Not bikeable
10/100
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Lakeland Town Square Phase II | 4815 Market Green Pl W
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