MEMPHIS, Tenn. (WMC) - A Florida development firm is bringing new life to a mostly vacant apartment complex along a busy section of Getwell Road.
Structure Capital our of Ft. Lauderdale, FL bought Kensington Manor for $8 million in November 2019.
Jacob Steimer, real estate reporter with the Memphis Business Journal, says this will be the largest residential investment in the area in decades.
"They’re going to put $17 million into things like granite counter tops, renovated pools, a lot of money into bathrooms and kitchens and try to bring this decrepit, vacant apartment complex up to a place that middle-class Memphians would want to live,” Steimer said.
The apartment complex stretches 30 acres and has 558 units.
Structure Capital’s website details the progress made on renovations.
So far they've starting initial cleanup and replacing roofs on the apartments.
Steimer says the project is receiving a 20-year property tax PILOT from the City of Memphis' Health, Educational, and Housing Facility Board which grants tax breaks to lower-income apartment projects. However, Kensington Manor won’t be marketed toward Memphians with Section 8 housing vouchers.
“They’re shooting for that middle-class Memphian, someone who makes between $13 an hour and $25 an hour.”
WMC Action News 5 reached out to Structure Capital for a comment, but did not hear back.
The apartments are expected to re-open by the summer of 2022.