HOUSINGNEWS REPORT
SPOTLIGHT: MEMPHIS
INVESTORS MORE THAN HALF OF MEMPHIS HOME SALES
U.S.
MEMPHIS
60.0%
51.2%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2000 2002 2004 2006 2008 2010 2012 2014 2016
record data by ATTOM, which shows 51.2 percent of all single family home and condo purchases in 2016 are non- owner occupied, up from 50.8 percent of homes purchased in 2015 and 49.4 percent of homes purchased in 2011. $25 Million Renovating Rentals Clothier estimates that his company spent over $25 million last year alone in renovating properties, pulling around 1,000 work permits. “Our average resident stays for more than four years. We specialize in homes in demand for two-income earning families. We’re looking to attract families looking for stability. That’s how you get the four-plus year occupancy,” he said. “Instead of a quick turnover it’s a long-term fix-up. We have an investor interested in holding for a long time,
Instead of a quick turnover it’s a long-term fix- up. We have an investor interested in holding for a long time, and we have a resident who wants to stay. Given the right environment, it’s a low risk, very consistent kind of city.” CHRIS CLOTHIER PARTNER, MEMPHISINVEST
and we have a resident who wants to stay. Given the right environment, it’s a low risk, very consistent kind of city.” MemphisInvest manages just over 3,000 properties in the Memphis area for about 1,600 investors, according to Clothier, and the company has expanded its operation into the Dallas and Houston markets, where it now manages just over 1,300 properties combined. Just recently the company
opened new offices in Oklahoma City and Little Rock.
“The houses are being purchased in arm’s length transactions and being sold in a short time period in arm’s length transactions. It’s a reflection of how much investor activity is going on in the market,” Clothier said. “We will complete 300 to 350 transactions a year in the city.”
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JULY 2017 | ATTOM DATA SOLUTIONS
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