Chattanooga, TN—Capstone Apartment Partners recently brokered the sale of The Clemons Lofts: a fully renovated and repurposed historic, mid-rise building in the heart of downtown Chattanooga, TN. Originally built in 1918 as an office headquarters, the 6-story iconic Clemons building was restored into 54 ultra- modern rental units and 7,922 SF of ground floor Class A retail space—making it one of the most unique and high -profile mixed-use developments downtown.
Capstone successfully pushed pricing above conventional multi-family investor pricing thresholds, while not accepting any discount for retail not yet leased. Capstone’s cross-regional network of offices collaborated to locate the optimal buyer, California-based TMC Group. Looking to expand its existing Tennessee connections, TMC Group bought the asset from Via Nova Development for $10,000,000, or $185,185 per door.
The 54-unit, historic asset has been completely redeveloped into a multi-family community with best-in-class amenities and finishes. Boasting a live/work/play lifestyle for its residents, The Clemons Lofts features a rooftop terrace with dog park, Energy Star® appliances, designer unit finishes, Nest thermostats, finger print security, bike/equipment storage, fitness center, ground floor retail, and on-site grocer.
Adam Klenk and Michael Sohr from Capstone’s Nashville office and A.J. Klenk from Capstone’s Charlotte headquarters represented both the buyer and the seller on the deal.