Shelby Park / Smoketown

The gentrification wave spilling out of NuLu - Shelby Park still has properties under $180K bordering the transformed core, and Smoketown is earlier on the curve with more upside, both benefiting from overflow demand from people priced out of NuLu.

Genuinely transitional, with variable property quality and condition and a timing-dependent thesis. Returns depend on renovation scope and management quality.

Value-add investors comfortable with a transitional area and the due diligence it requires, in exchange for upside.