An apartment property that opened in suburban Memphis, Tennessee, landed the 2023 CoStar Impact Award for the multifamily development of the year based on judging by a panel of commercial real estate experts.
Multi-South Management Services opened City Place apartments near the city limits of Memphis, Germantown and Collierville. The area has that largest concentration of office space and users in the Memphis market.
MAA, the second largest owner of apartment units in the country, has its headquarters there and Canadian timber company West Fraser’s U.S. operations are based in Germantown. FedEx’s headquarters is about nine miles away.
About the project: The 398-unit apartment property opened in August and now is more than 62% leased, according to CoStar data. Amenities at the luxury property include a swimming pool, upscale clubhouse, 24-hour fitness center, business center, coffee and tea bar and dog wash station.
What the judges Said: “This area of Memphis is in desperate need of apartments to meet the demand,” said Shawn Massey, partner and senior vice president with The Shopping Center Group. “It is hard to get approval in the surrounding communities. Any addition is welcome, and the project looks outstanding with its amenities.”
Who Made it Happen: David Shores and Brian Hey, partners in Multi-South Management Services.
