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NEW HORIZON APARTMENTS AND KIMBALL CABANA APARTMENTS IN MEMPHIS, TN

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Project:

Rehabilitation and reconstruction of 1164 Apartment Units

Place:

Memphis, TN

 

 

 
Detailed Description of Project

Complete rehabilitation and reconstruction of 1164 Apartment units, situated on 58 and 9 acres of land, respectively, 765,000 sqf of livable space, in 100 buildings with the garden type apartments, ranging from studio size to large four bedrooms . Properties previously went through chain of ownerships, severely neglected and mismanaged. Before Mr. Fakiris acquired the Properties, decision of City of Memphis was in place to remove the property which was in severe disrepair with issues of crime and several dozens of Code violations. This was another opportunity and example of dedication and disciplined approach of Mr. Fakirisí Organization, in the area considered by other developers as extremely challenging. Scope of work included complete rehabilitation, exterior and interior, and mechanicals, building new structures lost to the fire, rebuilding community center and building 2 full size NCAA basketball courts and three playgrounds. Strong emphasis has been given to the community building efforts in wider area, resulting in re-birth of this community, providing much needed affordable housing. This Project served as an agent of change in the area which experienced return of other developers and entrepreneurs in housing, retail and early childhood education areas. Value has been created to the benefit of the community, City of Memphis and Mr. Fakiris Organization. Through this 30 million renovation and rehab effort, in 24 months of construction, several hundred jobs have been created in local economy. Many of the residents found employment, some of them as a first time employees. Both properties enjoy very high occupancy levels. Community provides housing presently for more than 4,000 residents being reinvented by the leadership, vision and dedication of Mr. Fakiris and his companies.

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