Investors plan renovations for Cooper Street apartment complex - Memphis Business Journal
Updated: Oct 18, 2020
A Memphis-based real estate agent purchased an apartment complex just south of Cooper Young last week, with the help of out-of-town partners.
April Hua — a former FedEx pricing analyst who has spent the last decade as a real estate agent — paid $3.6 million for 1103 S. Cooper St., which is located at the southwest corner of Cooper and the Southern Avenue train tracks. The previous owner bought it in 2017 for $2.7 million, according to the real estate data website Reonomy.
Hua said she and her partners plan to make some renovations this year, followed by as much as $500,000 in renovations next year.
"The renovations [will] make it beautiful inside and out," Hua said. "When people come [down] Cooper Street, they [will] see the apartments' beauty."
The property's 80 units are currently renting for about $700 per month, but Hua is hoping to raise rents by about $150. The property produced about $600,000 in revenue in 2019, according to Reonomy. The apartment complex is Hua's first. She said she hopes to purchase more, if this investment proves successful. This article is from https://www.bizjournals.com/memphis/news/2020/10/06/cooper-street-apartment-renovation-planned.html and was published on October 6th, 2020 by Jacob Steimer, Memphis Business Journal.
(Steimer, Jacob. “Investors Plan Renovations for Cooper Street Apartment Complex.” Bizjournals.com, 6 Oct. 2020, 8:29am EDT, www.bizjournals.com/memphis/news/2020/10/06/cooper-street-apartment-renovation-planned.html.)