The Preserve at Southwind is a 306-unit Class-A workforce housing community completed in 2000. The property is near the upscale Germantown/Collierville submarket of Memphis, TN, and provides residents immediate access to major commercial venues, hospitals, and many of the area's largest employers.
The world headquarters of Federal Express employs over 3000 and is within one-half mile from The Preserve. The Federal Express World Technology Center and more than 3000 workers are a short drive from the property. Southwind is part of the Nonconnah High Tech Corridor established by the State of Tennessee to attract technology-related jobs. The Preserve is in proximity to the Southwind mixed-use community, which includes homes ranging from $300,000 to $3,000,000, over 800,000 square feet of retail space, and over 3,000,000 square feet of Class A office space.
The highest average rent and occupancy of any suburban submarket Preserve at Southwind is adjacent to the highly acclaimed Germantown/Collierville submarket, which has the highest average rent and occupancy of any suburban submarket in Memphis. The average household income is 24% higher than the Memphis MSA. The Preserve apartment homes range from 700 square foot one-bedroom floorplans to 1434 square foot three bedrooms/two bath plans. The gated access community features a clubhouse with billiards room, business center, fitness center with a yoga and aerobics studio, weight room, swimming pool with Jacuzzi, covered parking, some direct access garages, picnic areas, and a bark park. Interior unit features include nine-foot ceilings with crown molding, computer desks, garden tubs, ceiling fans, patios/balconies, outside storage, and some units have fireplaces.
Balfour Beatty Communities assumed management at closing. ApexOne Multifamily Fund III, LP purchased Preserve at Southwind and will hold long-term to capture growth and appreciation.