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The development proposal focuses on acquiring and redeveloping Georgian Woods Apartments in Midtown Memphis, offering an opportunity to capitalize on the city's thriving real estate market. With an investment of $3 million in equity, the project aims for a 45% return and a net present value of $10.6 million over a five-year holding period. The presentation emphasizes the favorable demographic trends showing a shift back to urban core areas, which began in Memphis with the downtown submarket's redevelopment in the late 1990s and early 2000s, positioning this project as a first-mover advantage in the multi-family housing sector in a high-demand location.