Fair Oaks development to bring up to $39 million

Memphis Business Journal - by Einat Paz-Frankel Staff writer

SWAN Development Group LLC has launched The Villas at Fair Oaks, a 144-condominium community near Fair Oaks Golf Club in Oakland.

Condos there will range from $208,900 to $274,900, which would bring the total worth of the development to $30 million-$39 million, says Arnie Birmingham, one of four partners at SWAN.

Eight of the 10 units currently under construction have been sold. The first model home is expected to be completed this month with completion of all units within four to five years, he says.

In addition to Birmingham, SWAN is made up of Nick Jebbia, Steve Ehrhart and William McWaters of McWaters Construction, who will build homes at The Villas. SWAN will also market the condos.

"We are the developer, the builder and the Realtor," Birmingham says. "What that means to homeowners is that we'll be here from start to finish."

The decision to invest in a development in Fayette County came after several years of watching it grow.

"I've kept my pulse on what's going on in surrounding suburbs with the exodus from Memphis to North Mississippi and Fayette County," Birmingham says.

Each condo at The Villas will have three bedrooms and two bathrooms and will range in size from 1,500 square feet to 2,300 square feet.

With almost zero maintenance needed -- $175 in monthly association fees will cover lawn mowing, exterior painting and re-roofing, as well as insurance on the structure -- SWAN Development is targeting baby boomers, empty-nesters and busy professionals.

"We target retirees and empty nesters wanting to downsize," Birmingham says. "It's a lifestyle choice if you'd rather play golf than cut grass."

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