Central Lofts, a newly completed but still empty 127-unit apartment building in Midtown Memphis, is officially up for grabs as a lender-owned REO with a $23.5 million asking price. The four-story complex sits roughly a quarter-mile from Simmons Bank Liberty Stadium and the Fairgrounds redevelopment known as Liberty Park, and that “stadium-adjacent” address is doing a lot of the heavy lifting in the sales pitch to investors who would need to handle the lease-up.
As reported by the Daily Memphian, the property is listed as Central Lofts at 300 S. Hollywood St. The outlet describes it as a newly built project with a tangled backstory that is now being offered for sale.
What the Listing Says
The broker package on LoopNet shows an asking price of $23,500,000 and describes the building as lender-owned, delivered vacant, and recently completed. The marketing materials cite a proforma NOI of about $1.47 million and a proforma cap rate of roughly 6.0%, and they flag a 15-year PILOT along with an Opportunity Zone designation as key incentives for potential buyers.
Location and Investor Pitch
The property is billed as a “basis-driven” play because it sits across from the city’s $315 million Fairgrounds-to-Liberty Park transformation and a multi-hundred-million-dollar refresh of Simmons Bank Liberty Stadium. Marketing language also brands the deal as “entry below replacement cost,” a hook aimed at buyers confident they can move quickly on lease-up and unlock embedded equity, according to Crexi.
Risks and What Buyers Should Watch
The offering makes clear the building is being delivered vacant and notes that some unit work will be covered by insurance funds, so any buyer will need operating capital on hand and an aggressive leasing strategy to stabilize cash flow. Offers are being taken with proof of funds, and the broker has set up a data room for qualified bidders, with access details available on the listing.
Central Lofts is a relatively rare new-build in Midtown being sold as an REO. It could offer a shortcut into ownership just steps from Liberty Stadium, but anyone jumping in will be signing up for real lease-up and operational risk. For more details, see the coverage in the Daily Memphian and the full offering posted on Crexi for contacts and documents.
