FOR IMMEDIATE RELEASE
Press Contact: Wendy Dube
Phone: 760-415-4994
Email: [email protected]
Meridian Pacific Properties Sells More Than 500 New-Construction
Investment Homes in the Memphis Metro Area
Memphis’ No. 1 Purveyor of Single-Family Build-to-Rent Properties
Delivers Competitive Returns to Individual Investors
SAN MARCOS, Calif. and MEMPHIS, Feb. 28, 2023 – Meridian Pacific Properties, Inc. (Meridian), the No. 1 seller of new construction single-family build-to-rent (BTR) homes in the Memphis Metropolitan Area, today announced it has achieved a major milestone. The company has sold more than 500 new-construction homes in the region to individual investors throughout the country looking to build wealth through real estate without the hassles commonly associated with being a landlord.
“We like to say we are an ‘easy’ button for investors because we do it all. We build Class A properties in areas with good schools, jobs, and retail amenities. Then we tenant and proactively manage the properties on behalf of our investors to ensure the assets perform as forecasted,” said Jeffrey King, co-founder and principal of Meridian. “Purely through word-of-mouth, our clientele has grown to around 200 investors. They keep coming back and referring us to their friends because we deliver consistent and predictable returns through varying economic cycles.”
Jeffrey Elden, a licensed real estate broker from La Jolla, California, is a long-time Meridian client. “I purchased my first investment properties from Meridian back in 2016. My family now owns 29 single-family rentals around the Memphis area, and I have facilitated client investment in another 20+ homes. Meridian handles all the rent collection and servicing on our behalf,” Elden said. “My dollar goes further in Memphis, and Meridian’s new-construction homes are just as nice as I find here but for a fraction of the price. Rents are strong and property taxes and HOA fees are relatively low creating a much more stable investment than I can find in California. I continue to purchase homes from Meridian because the returns are good, and Meridian Property Management does an excellent job placing qualified tenants, collecting rent on time, and minimizing economic vacancy.”
Why Memphis?
Before putting down roots in Memphis, Meridian’s founders analyzed the country’s 366 largest metros to find what they believed to be America’s most investable city. They selected Memphis because of its strong economy, buoyed by FedEx, and its well-planned and well-architected infrastructure (i.e., ports, rails, runways, and highways) capable of supporting a booming logistics industry long term. Located in almost the middle of the U.S. population, Memphis is just a short, one-way freight flight from any customer in the United States. Memphis also features a growing and diverse workforce with rising wages and an affordability score higher than the national average.
While many BTR operators have chosen to diversify their portfolios, Meridian has doubled down on the Memphis suburbs, building and managing homes on both sides of the Mississippi-Tennessee border. The company is now Memphis’ No. 1 BTR operator, and it controls about 2,000 lots for future development. A large percentage of the lots are within commuting distance of Ford Motor Company’s soon-to-open BlueOval manufacturing plant, which is expected to bring some 30,000 direct and indirect jobs to the Memphis area.
“Memphis is poised for continued economic prosperity. We are seeing wage growth outpace inflation, and labor market participation rates higher than the national average. This, in addition to a shortage of housing inventory, keeps upward pressure on rents, despite a looming recession,” explained King. “These are the factors that keep our investors in the game, especially those living in expensive coastal areas. Their investable capital goes a lot further in Memphis. It’s hard to touch our overall investor returns.”
Single-Family Investment Homes Available Now
For investors, Meridian builds homes with 3-5 bedrooms, 2-3 bathrooms, and an average of 2,100 square feet. The homes come with a one-year builder’s warranty. The company currently has several new-construction homes for sale in DeSoto County, Mississippi, which is known for its high-ranking public schools and growing economy centered around logistics. In the coming months, the company will release homesites in Somerville, Tenn., which has some of the lowest property taxes in the region and is just 25 minutes from BlueOval.
Pricing for Meridian’s BTR homes starts at around $300,000. Through its preferred banking partner, well-qualified investors may access exclusive rates on adjustable-rate mortgages.
To review investment homes currently for sale, please visit www.meridianpacificprioperties.com. To view single-family homes available for rent, please visit https://meridianpropertymanagement.com/available-rentals/.
About Meridian Pacific Properties, Inc.
Meridian Pacific Properties, Inc. is a vertically integrated family of companies that develops, builds, manages, and sells single-family residential properties in the greater Memphis Metropolitan Area. Since 2006, the company has helped individual investors from across the country procure real-estate assets that yield high risk-adjusted returns while generating strong cash flow and internal rates of return. A pioneer in the build-to-rent industry, Meridian has been building high-quality rental and for-sale homes since 2014. In 2022, Meridian Pacific Properties was named to the Inc. 5000 list of America’s fastest-growing privately held companies for the fifth time in its history. For more information, please visit www.meridianpacificproperties.com.
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