View Offering Materials: Midtown Ridge
Capstone Apartment Partners is pleased to present Midtown Ridge Apartments, a 193-unit apartment community in Chattanooga, Tennessee. The property was built in two phases: five of the buildings were constructed in 1986 and the other two in 1952. Of the two built in 1952, one (Building A) burned down and was completely rebuilt prior to the current owner’s acquisition. Midtown Ridge benefits from its central location to multiple interstates, providing residents immediate access to the largest employers in Chattanooga such as Erlanger Health, CHI Memorial Hospital, BlueCross BlueShield of Tennessee, Volkswagen, as well as the renowned Innovation District. The property is poised for new ownership to capitalize off the proven value-add program, which is achieving in-place rent premiums of $300+. Current ownership has laid the foundation for a further operational value-add opportunity by burning off loss-to-lease, as demonstrated by robust current leasing trends. Over the last three years, ownership has invested over $3 million in targeted capital expenditures throughout the property. With minimal deferred maintenance remaining, the next owner can solely focus on upgrades that will impact the bottom line.
Investment Highlights
Complete the Proven Value-Add Program
Robust Current Leasing Trends
Significant Capital Improvements Completed
Investment Fundamentals
Chattanooga’s Diverse Economic Base
