Keystone Landing


Property Type: Project Based Section 8 Multi-Family

Keystone Landing features a collection of 12, two-story buildings with 150 garden-style buildings on 9.6 acres. Located 15 miles north of downtown Memphis, this suburban community is close to schools, shopping, churches and the Cunningham Community Center.

Property Features

This property has a mix of one-, two- and three-bedroom residences. Upgraded amenities include a new playground, on-site laundry room and updated community room with computer lab. Apartment homes.

Renovations

Keystone Landing will receive over $37,000 per unit in hard cost rehabilitation as part of Steele Properties’ acquisition. The scope of renovation encompasses both extensive exterior and interior work. Building improvements include new siding, new roofs, new lighting, windows, HVAC systems and electrical upgrades as well as energy efficiency improvements.  Apartment homes will receive interior upgrades including new kitchens and bathrooms. Project amenities include an updated community center and leasing office with computer niche, new playground and upgraded laundry room.

Financial Partners

This project is financed with FHA insured 221(d)(4) permanent first mortgage loans originated by PNC Bank, tax exempt bonds issued by the Health, Educational and Housing Facility Board of the City of Memphis and underwritten by Stifel, Nicolaus & Company, 4% tax credits allocated by Tennessee Housing Development Agency and tax credit equity provided by NDC.

Property Stats

Units: 150

Age: 1973/1988; under renovations in 2018 to be completed in 2019

 

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