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Paraprin Capital has successfully closed on 4 units across two duplexes in the rapidly transforming Binghampton neighborhood of Memphis, Tennessee. The duplexes were purchased at a price that is approximately 60% of the after repair value (ARV), which will allow us to capture a significant bump in equity once the rehabs are complete.
The duplexes were acquired with a combination of cash and hard money loans. The repairs will be 100% financed by hard money loans. Once the repairs are complete and tenants are in place, Paraprin will refinance the properties in order to recover a significant portion of invested capital. The target ARVs for these properties are $120,000 – $130,000, with target rents at $1,200 – $1,300 per property.
The Binghampton neighborhood of Memphis has seen a lot of growth recently with the rise of the Broad Ave Arts District (https://www.broadavearts.com/), which is just a stone’s throw away from these two duplexes. There are several large scale development projects in the works just a couple blocks away, which will bring over a thousand new residents to the surrounding area in the next couple of years. The Binghampton neighborhood is well positioned with easy access to I-40 and downtown Memphis. Residents also enjoy the sprawling Overton Park, which is a State Park and an old growth forest with over 342 acres of forest, trails, playgrounds, and golf. Paraprin expects the Binghampton neighborhood to see significant growth and appreciation over the coming years.
Paraprin welcomes new partners either seeking an E-2 visa or just a great return on investment to acquire and rehabilitate more properties like this in the Memphis area. Please contact us to find out how we can partner together.
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