Capstone AP Arranges Record Setting Sale in Chattanooga, TN

CHATTANOOGA, TN — Capstone AP has brokered the sale of a recently constructed property located in Chattanooga’s popular NorthShore neighborhood. Enclave Holdings has purchased Forest on Frazier, a 30-unit apartment property, for $6.456 million, setting a new Chattanooga price per unit record of $215,200. This sale raises the bar in multi-family sales transactions by shattering the previous per unit record price. Constructed in 2014, the property was previously owned by Boehm Real Estate & Investment Company.

The apartment community, which was 100% occupied at the time of sale, includes breathtaking views of the Tennessee River, Downtown Skyline, and Lookout Mountain, as well as walkable access to several parks, restaurants, and many national and local shopping options. Given the property’s prime location and high demand, new ownership plans to update the units in order to sell as individual condos in the near future.

Adam Klenk and Eric Conklin of Capstone’s Nashville office and Andrew Klenk of Capstone’s Raleigh-Durham office represented the seller in this transaction. This trade marks the most recent transaction in Chattanooga from Capstone’s Nashville, TN office. Recently, the Nashville office began marketing a 184-unit portfolio, Cove and Chalet Apartments; further exemplifying their in-depth knowledge of the Chattanooga MSA. Please contact us to reach one of our brokers to discuss additional opportunities in the Southeast, Mid-Atlantic and Midwest regions.

Asset Highlights

  • Significant Opportunity for Market Rent Increases and the Introduction of Countless Ancillary Tenant Fees – Currently Not Charged
  • Unmatched Interior and Exterior Square Footage and Finish Level, Including 20 ft. Vaulted Ceilings in 8 of 30 Units
  • 100% Occupied with a 16-Tenant Waiting List
  • Prime Opportunity to Exit as Condos North of $9.75M

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