Opportunity Zone - Redevelopment - Former Serenity Towers - Two 10-Story Buildings Near University of Memphis

Colliers Memphis, is pleased to present to qualified investors a rare opportunity to acquire the former Serenity Towers, a fully vacant urban high-rise next to the University of Memphis. With scale, density, and multiple redevelopment paths, the property is ideal for adaptive reuse or redevelopment into multifamily, student housing, or mixed-use residential. 

The former Serenity Towers is a strategically located high-density residential tower situated in Midtown Memphis, offering a substantial redevelopment canvas within one of the city’s most dynamic urban corridors.

Located next to the University of Memphis campus, which enrolled over 21,000 students in 2025, Serenity Towers is bordered by charming residential neighborhoods and the Highland Strip. This vibrant area features a variety of shopping, dining, entertainment options, live music venues, and public art installations. The Highland Strip redevelopment project, with its final phase completed in 2022, has introduced over $350 million in new construction and renovations in the last decade. With traffic counts of over 25K vehicles per day, the site has excellent visibility and access to this ever growing area university district.

Originally constructed in 1965 as a dormitory for the University of Memphis, the 10-story concrete/masonry structure currently comprises of 399 apartment units, historically configured as studios and one-bedroom residences. The existing structure provides a substantial vertical envelope and structural framework that may lend itself to adaptive reuse. Alternatively, the site’s density and location support partial or full redevelopment, allowing a modern design that maximizes value along the Highland corridor.

Vacant