CALL FOR OFFERS - May 11 Institutional-Quality Asset I 2025 Delivery 127 Luxury Residences Midtown I Memphis MSA $23,500,000 I $184k/Unit • Lender-owned Class A Lease-Up I Vacant • Creative Debt Available • Proforma NOI: $1,470,000 • Proforma Cap: 6.0% REO opportunity to acquire a newly delivered Class A asset at a significant discount to replacement cost. Delivered vacant, the property offers a full lease-up from inception with insurance-funded unit restoration and a clear path to stabilization. Enhanced by a 15-year PILOT and Opportunity Zone designation, the offering presents a compelling basis-driven investment in Midtown Memphis. INVESTMENT HIGHLIGHTS • Lender-Owned: Lender is seeking a clean disposition with certainty of close. • Entry Below Replacement Cost: Expected to trade well below replacement cost, providing immediate embedded equity. • Clean-Slate Lease-Up Opportunity: Delivered vacant, allowing investors to execute lease-up from inception, implement their own management strategy, control pricing, tenant mix, and absorption pace. • Tax-Advantages: 15-year PILOT + Opportunity Zone • Near Employment Hubs: Strategically positioned within 3 miles of 89,000+ jobs (Downtown + Medical District), 5 miles to 83,000+ jobs (International Airport), and 6 miles from the 100,000+ employee Poplar/I-240 office hub. • Convenient Midtown Location: Across from the City's $315M transformation of the historic Fairgrounds into Liberty Park - a hub for culture, education, entertainment, and recreation. A key piece is the $220M renovation of Simmons Bank Liberty Stadium, set to host Tigers football and major concerts, boosting traffic and economic impact in Midtown. • Urban Lofts in Lifestyle Setting: Contemporary residences in urban core, near vibrant districts, dining, and recreation. OFFERING PROCEDURE Offers may be submitted at any time along with proof of funds and a resume.