FARGO, North Dakota — Legendary Capital has announced it sponsored the acquisition of the 92-room avid in Southaven, Mississippi, in a $12 million all-cash transaction.
The midscale hotel opened on October 11, 2021. Located off Interstates 55 and 69, the avid is a 15-minute drive to Memphis International Airport. Leisure travelers can enjoy the hotel’s proximity to shopping, entertainment venues, and Graceland—former home to Elvis Presley. The hotel’s proximity to demand generators, combined with the region’s strong and growing healthcare sector, make the avid a strong performer.
“Southaven is a great city with so much going for it and being a suburb of Memphis puts it right in the middle of all the action,” says Chief Investment Officer of Legendary Capital Dave Durell. “It’s a resilient market, too. We can see that through its strong performance during COVID-19.”
The avid is a new property opening in a qualified opportunity zone.
“We are seeking properties under development in QOZs, and the avid is a perfect example,” says CEO of Legendary Capital Corey Maple. “These markets have a huge upside as they get the focus they need to reach their full potential.”