Property Type: Multifamily
Location: Lakeland (Memphis), TN
Purchase Date: January 2015
Somerset at Lakeland (formerly Champions at Stonebridge) was built in 1998 and offers three floor plans with a mix of one, two and three bedroom units averages in spacious 1,067 square feet. Somerset will be implementing a capital improvement program including a new paint & color scheme, new architectural shingle roofs, a redesign of the clubhouse, model units and amenities, as well as landscaping upgrades. Situated adjacent to Stonebridge Golf Course, the property offers scenic views of three holes on the course. Three stocked ponds are located on site, as well as two swimming pools and a sand volleyball court. Somerset at Lakeland is the only large rental community in the City of Lakeland, a true competitive advantage over other nearby rental communities due to Lakeland’s newly formed municipal school district.