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professor massey before we get started i want to express my appreciation again for your patience with my work schedule and allowing me to complete the project in this manner our development proposal involves the acquisition and redevelopment of georgian woods apartments in midtown we're offering you the exciting and unique opportunity to capitalize on memphis's hottest real estate development market be a first mover in the multi-family space and deliver irreplaceable product in a high barrier to entry infill location for just 3 million dollars in equity we've projected a 45 return and a 10.6 million net present value on this project over a five-year holding period before we get into the project itself let's talk a little bit about midtown memphis broad demographic trends across the country have shifted away from the suburbs and back towards the urban core areas this happened first in memphis in the downtown submarket which was extensively redeveloped in the late 90s and early 2000s however rents have risen so high in that sub market that the young professionals moving back from the suburbs into the cities have been forced to look at areas farther east no sub market has benefited more from this than midtown midtown is centrally located within the metropolitan area and easily accessible to all major employment centers it's become a center of all arts culture and entertainment within our city and it offers the urban walkable environment and eclectic atmosphere that today's young professionals seek this has led to extensive gentrification and redevelopment within the sub-market development in the area includes overton square which was recently completely redeveloped by loeb the cooper young district which has seen a surge of new high-end businesses locate into the area in recent years the broad avenue arts district which is re just now coming into its own sears crosstown the memphis medical district redevelopment which is projected to bring thousands of new jobs to the area union avenue has experienced significant relocation of higher-end businesses such as fresh market kroger is also expanding along union avenue more towards the university is the highland road development and finally the fairgrounds redevelopment which was just approved recently with all this new development what's missing new retailers come to the area new restaurants and bars new recreation and entertainment venues new office and commercial space however we were unable to find any multi-family housing built within the midtown submarket in the last 10 years what we did find was old obsolete products such as georgian woods in addition to towers built in the 60s and 70s some of which has already been torn down for new development this creates a unique opening for developer to bring new highly amenitized product into the market to take advantage of the young urban professionals flocking to the area let's talk a little bit more about georgia woods specific location as you can see it's nearly perfectly centered within the metropolitan area accessible to all major employment centers...