Crescent Bluff Apartments Phase II had a ribbon cutting Aug. 20 and is nearing 100 percent leased.
It’s the latest development to join the growing Downtown residential market, and brings a mix of one-, two- and three-bedroom affordable housing units to the South Main Historic Arts District.
Crescent Bluff is a rent-restricted development, meaning the apartments are designed for low-income individuals. Monthly rents are set at $450, $550 and $665, depending on the size of the apartment unit. Eligibility for residency is based on income that meets or is less than a capped amount set by the state Housing Development Authority.
Located at 25 E. Virginia Ave., the apartment development is just north of E.H. Crump Boulevard and Florida Street in the southern reaches of the South Main Historic Arts District.
Phase II apartments feature amenities such as stainless steel appliances, granite countertops, balconies and nine-foot ceilings.
The 172 units range in size from 575 square feet to 1,030 square feet.
Magna Bank and Metropolitan Bank jointly financed the rent-restricted project for Nashville-based developer Elmington Capital Group.
Frazer Gieselmann, senior vice president for Magna Bank, a division of Pinnacle Bank, said the bank’s leadership is encouraged by how quickly the units have filled.
The banks are investors on the tax credit side of the development. There are $11 million in tax credits spread over 10 years.
“From our perspective it was great,” Gieselmann said. “It was our first low-income tax credit deal to be part of. It seemed like they had the right pieces in place to get it out of the ground. It’s a great project. ... This provides a good and unique opportunity for people to be in a great area of Memphis near South Main.”
Tenants of Crescent Bluffs have to be at 60 percent of income for the area.