Covington Pike • Memphis, TN
The Covington
Development.
A 20-acre master-planned residential and mixed-use community by SkylineDB3, targeting modern families in a supply-constrained corridor.
Total Value
$49.4M
Total Homes
200
Site Area
20 Acres
Timeline
24-36 Mo.
Market Thesis
Addressing displacement with modern design.
The Covington Pike corridor benefits from supply-constrained market conditions, aging existing housing stock, and sustained demand from modern families seeking new master-planned alternatives.
- 92% - 95% Occupancy: Indicating heavily constrained supply relative to demand.
- No Comparables: No modern master-planned community currently exists along this corridor.
- Prime Location: 5-minute proximity to the Community Center enhances lifestyle appeal.
Financial Snapshot
Site Layout & Details
Masterplan Overview
Unit Mix
Residential Program
Capturing entry-level, mid-market, and premium buyer segments simultaneously through diverse product offerings.
1-Bedroom Townhomes
4 units per building across 20 buildings, providing an accessible entry point to modern living.
3-Bedroom Townhomes
Spacious family townhomes designed for the modern Memphis demographic.
Zero-Lot-Line Villas
Premium standalone villas situated along the eastern edge of the community.
Value Creation
Senior Care Facility
A strategic value-add component located in the northwest corner of the site. This 2-storey, 32,000 SF facility generates a recession-resistant, income-producing asset.
Stabilized Value
$9.6M
Annual NOI
$768K
Value Creation
$3.52M
Margin on Cost
57.9%
Execution Strategy
Phased Timeline
5 overlapping phases spanning 24-36 months. This approach enables early cash flow from Batch 1 townhomes while later construction continues in parallel.
Infrastructure
Spine roads, utilities, and site grading.
Townhomes (Batch 1)
First 10 buildings deliver early cash flow.
Townhomes (Batch 2)
Remaining 10 buildings complete the core.
Villa Construction
40 premium zero-lot-line eastern villas.
Senior Care Facility
32,000 SF facility on the northwest corner.
Vision & Outreach
Community Impact
The Next Chapter
Building a Lasting Future for Memphis.
The Covington Development is more than a residential project—it is a commitment to sustainable, multi-generational community building. We invite forward-thinking partners to join us in shaping the future of American living.
Connect with our Team