Multi family in Memphis, TN. Is it worth it?

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Why are there so many large vacant (or almost vacant) multi family complexes in Memphis, TN? I’m looking to invest in that area of the country but get worried with all the large apartment complexes that have such high vacancy rates. Is there to much housing? Lack of jobs? Just trying to find the missing peice of my investment puzzle.

@Matt DeBoth Id beware. My team has been investing in the Memphis market since 2010.
Just recently closed on a 144 unit place in Desoto county just across border and was 96% occupied. All of our other places are also higher occupancy.
Memphis is a strong market still but like any growing city there are places you want to stay away from.
Please reach out if you want to talk more directly.
I’d also recommend talking to Steve Woodyard about areas you are looking. Very few deals happen in the multifamily space in Memphis without him knowing about it and will give you honest feedback.