Azure Place Apartments (formerly Kensington Manor Apartments), Memphis, TN

Size: 558 apartment units

Repositioning: From Down/Vacant Property to Class B

Status: Rehabilitation complete.

Turnaround Timeframe: 3 years

Projected Financial Occupancy Increase: From 0% to 98%

Azure Place Apartments is a 558 unit community located in Memphis, TN. Structure Capital purchased the property in November 2019 and managed a massive renovation project that was completed in 2023.

Kensington Manor was historically considered one of the best properties to live in the area. Starting in the early 2000's a combination of mismanagement and lack of capital investment caused the property to fall into disrepair. Circa 2010, the property was completely vacated and left abandoned. Since then, two prior owners had purchased the property with intentions of renovating and reopening the property. Those past plans were not successful because they lacked a comprehensive rehabilitation plan and sufficient capital. At Structure Capital's closing, only 10 units were occupied. The remaining 548 units in this 558 unit property were uninhabitable due to neglect and water intrusion.

Currently, all apartment interiors have been fully remodeled and leased. The entire property has been repaved; and the amenity package, including a fully renovated pool and gym, is complete.

Structure Capital’s turnaround plan included a complete roof replacement (complete), re-electrification of the entire property, repaving all the driveways, a major landscaping cleanup and repair, a full leasing office remodel, a restoration of the community swimming pool, a new laundry room, a new workout facility, a renovation of all the unit interiors, and an exterior beautification (in process). Unit interiors include updated finishes such as granite countertops, wood-grain flooring, new cabinets, and fully remodeled bathrooms with porcelain tub enclosures.

Structure Capital also worked with local organizations as well as with law enforcement to create a good environment for residents and to be a part of the efforts to improve the entire neighborhood. Azure Place is now an accredited Safeways Community, having fully met the CPTED requirements.

We turned a 558 unit abandoned property back to a place where our residents love to live!