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APRIL 2023 // VIEW IN BROWSER
Hello Friend,

The homebuying season is in full swing – and there’s optimism in the air among home builders! 

According to the latest home-builder survey from John Burns Research and Consulting:

  • Single-family starts increased for a third consecutive month in March.
  • 27% of builders raised net prices month over month.
  • Pricing is the strongest in the Southeast, with 46% of builders in the region raising prices month over month.

The Memphis metro area’s economy is abuzz with activity, too. Late last month, Ford executives held a major event at BlueOval City. Construction on the $5.6-billion manufacturing plant is well underway, and officials expect the region to see 30,000 direct and indirect jobs as a result.

Just South of the state border, the DeSoto County Economic Development Council reports that DeSoto County added 2,347 industrial jobs in 2022 and saw $164 million in industrial capital investment. This chart from the Council captures the county’s largest employers by employee count.

Credit: DeSoto County Economic Development Council

We foresee continued demand for our build-to-rent homes in DeSoto County due to population growth and the number of jobs and new industries coming to the area. We also expect rising wages and a shortage of new-home options to put upward pressure on rents, which favors investors.

Deal of the Month

How does a first-year cap rate of 6.0% sound?
We have one tenanted home available for purchase with this rate. It’s a 5 bedroom, 3 bath home in the community of Nicole Place in Horn Lake, Mississippi. Call Brian Conlon today at 805.276.8654 for more information and to review this home’s projected 10-year pro forma.


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🏡   Address: 5879 Tucker Landing, Horn Lake, MS 38637
💲   Sales Price: $353,000
💰   First-Year Cap Rate: 6.0%

INVENTORY UPDATE
Tennessee Homes Almost Gone



 

Last month we announced the availability of new investment homes in Tennessee. As of today, we have just four homes left!

The community of Windstone Estates is in the city of Millington, just 30 minutes from Ford’s BlueOval City and close to the region’s best retail and dining options. Leasing activity has remained strong since last month, and we expect demand to pick up now that we’re in the busier season. 

Pricing in Windstone Estates begins at $318,000. To reserve a home, and take advantage of our current incentives, please contact Brian Conlon at 805.276.8654 or bconlon@meridianpac.com

Investor Education

  • Recently, SmartAsset, a New York-based financial technology company, studied the largest 76 cities in America to see where a $100,000 salary goes the furthest. San Diego ranked 70th. Guess which city topped the list? - SmartAsset
  • On March 24, Tennessee Governor Bill Lee joined Ford executives and community leaders at BlueOval City. During the event, they discussed the expected impact on the local economy and how Ford plans to develop its highly skilled workforce. Ford CEO Jim Farley also offered a sneak peek at Project T3, the company’s electric truck of the future to be produced at BlueOval - Ford Motor Company
  • In this video, Devyn Bachman, senior vice president of research at John Burns Research and Consulting, provides a glimpse of the housing market and why home builders are optimistic. - John Burns Research

760.798.3095
info@meridianpac.com
910 W. San Marcos Blvd, Suite 210
San Marcos, CA 92078

 
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Copyright © 2023 Meridian Pacific Properties, All rights reserved.

DISCLAIMER: The calculations and data presented herein are deemed to be accurate, but accuracy is not guaranteed. The projected pro forma returns on investment are intended for the purpose of illustrative projections to facilitate analysis and are not guaranteed by Meridian Pacific Properties, LLC. or its affiliates and subsidiaries. The information provided herein is not intended to replace or serve as a substitute for any legal, real estate, tax, or other professional advice, consultation or service. The prospective buyer should consult with a professional in the respective legal, tax, accounting, real estate, or other professional area before making any decisions or entering into any contracts pertaining to the property or properties described herein.





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