August 15, 2017

$45M Apartment Complex Planned for Germantown, Collierville Border

Memphis Business Journal

By Jacob Steimer

Boyle Investment Co. is preparing to build a four-story, 375-unit apartment complex on Winchester Road in southeast Germantown.

The 25-acre project, located on the city’s border with the Town of Collierville, is set to cost about $45 million. It would include 19 buildings, a 196-space parking garage and a 431-space surface lot, according to the developer’s application to Germantown’s Planning Commission.

“The market seems to be saying there’s need for multifamily in Germantown,” said Boyle’s Les Binkley, who’s leading the development.

Boyle is seeking several warrants from the commission, including one to surpass the parcel’s current three-story height limit.

“Really the only purpose of going to four stories is being able to put elevators in the buildings,” Binkley said. “I think it’d be a nice offering for the market. … Putting an elevator in a three-story building doesn’t work economically.”

Binkley said the project, currently named “Viridian,” is in keeping with other Germantown projects in terms of units per acre. Boyle’s project calls for 15 units per acre, which matches multiple other projects — including Miller Creek at Germantown — that have been approved for 15 or 16 units per acre.

Boyle is under contract to buy the land — located about half a mile from Winchester’s intersection with Houston Levee Road — from a group of owners that includes Henry Turley, John Goodwin, Steven Beem, James Massey, Ralph Robison and Beverly Marrero.

Turley said he agreed to sell his part of the land, about 10 acres, to Boyle for about $1.3 million. “You got a good developer and a good development,” Turley said. “We thought it was a good land use.”

The planning commission’s staff recommended that the developers make some small revisions to their plan before it is given approval.

Boyle’s application is set to be discussed at a Germantown planning commission subcommittee on Wednesday, Aug. 16, and the city’s full planning committee meeting Sept. 5.

“On Wednesday, we’ll hopefully work through [the suggested revisions] and be squared away to present at the full planning meeting,” Binkley said.

The project would create about $355,000 in annual property tax revenue, according to the staff’s analysis. Binkley said rents at the apartment complex would be at least $1.50 per square foot.