New York's GRJ LLC, a real estate investment and development firm, is increasing its investments in Memphis, Tennessee. Since December 2020, the firm has purchased over 1,200 apartment units in the Memphis area, with an investment of over $20 million in five apartment complexes. Gregory Jones, co-founder of GRJ, mentioned that Memphis has a strong economy that attracts investors, despite the growing popularity of Nashville.
Jones pointed out that Memphis has a strong business sector, with companies like FedEx, AutoZone, Regions, Kroger, Nike, and Amazon operating in the city. He believes that the business investment environment in Memphis is stronger than in Nashville.
GRJ's interest in Memphis grew after Ford announced its electric vehicle campus, BlueOval City, near Memphis. Jones also mentioned the renovations at the Memphis International Airport's Concourse B and the fact that Memphis has been underinvested in, which GRJ sees as an opportunity.
Jones stated that GRJ sees potential for profitable real estate investments in Memphis, as the prices are not as high as in other popular investment areas like Nashville and South Florida. He believes that the presence of the business community in Memphis will benefit the city and region.
GRJ is continuing to invest and buy new properties in Memphis. The firm owns two properties in Memphis, one in Millington, and two in North Mississippi. It also has two offices in Memphis, with a total of 30 employees in the area.
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