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The development proposal focuses on acquiring and redeveloping Georgian Woods Apartments in Midtown Memphis, presenting an opportunity to invest in Memphis's growing real estate market. The project requires $3 million in equity, with an anticipated 45% return and a projected net present value of $10.6 million over a five-year period. It highlights demographic trends showing a shift from suburban to urban living, which has already begun in Memphis, particularly in the downtown area that saw significant redevelopment in the late 90s and early 2000s. The proposal positions this investment as a first mover opportunity in multi-family housing in a high-demand area.