Peabody Falls
Category: Projects
Peabody Falls
2017 Peabody Ave
Memphis, TN
A redevelopment of the existing Peabody Falls apartment complex on Peabody Avenue in Midtown. The 28 existing units will be renovated, and 30 new units will be built on an adjacent parcel, bringing total apartment units to 58.
Sold to new developer. Initally approved for New Bridge Capital Advisors, LLC (Chase Carlisle).
| Property Name | Peabody Falls |
|---|---|
| Project Cost | $7,007,310 |
| District | Outside CBID |
| Type | Renovation & New Construction |
| Developer | Clarance Chapman |
| Status | Completed |
| Apartment Units | 58 |
| Approval Date | 2019-05-07 |
| Expected Completion | 2024 |
| Year Opened | 2024 |
PILOT Details
| Lessee | Peabody Falls, LLC |
|---|---|
| Lessee Address | 5350 Poplar Ave. STE 205, Memphis, TN 38119 |
| Term | 12 Years |
| Approval Date | May 7, 2019 |
| Close Date | 6/30/2020 0:00:00 |
| Extension | 0 |
| Term Mos | 144.00 |
| Status From Date | Active |
| Expected Term Date | 6/30/2032 0:00:00 |
| Remaining PILOT Years | 7.55 |
| Pilot Documents | Instrument #20072502 June 26, 2020 Instrument #20072503 June 30, 2020 |