Bluestone Acquires Chattanooga Property
The firm picked up 1400 Chestnut Apartments, a 200-unit asset located in the center of downtown.
Bluestone Properties has acquired a newly-constructed apartment community, 1400 Chestnut Apartments, in Chattanooga, Tenn. Situated in the center of the downtown district at 1400 Chestnut St., the property features 200 one- and two-bedroom units.
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The property is subject to a four-year PILOT lease held by the city of Chattanooga’s Health, Educational and Housing Facility Board. The PILOT lease is set to expire on the last day of 2030. Built in 2018, the community was 84 percent occupied at time of sale.
Among the features and finishes of the apartments themselves are above-standard ceiling heights, quartz countertops, wood flooring, tile accents and backsplashes and stainless steel appliances. A swimming pool is among leading common area amenities of 1400 Chestnut Apartments. Private balconies are available in certain units. Floorplans range from 672 to 1,202 square feet. Select units will be reserved as affordable.
The four-story apartment community is located in the center of downtown Chattanooga, steps from dining, shopping, entertainment and recreational opportunities. The downtown area has a walk score of 87 and a transit score of 60.
The property is situated in close proximity to both Interstate 24 and Interstate 75, enabling commutes to area employers such as Erlanger, Memorial Hospital, Volkswagen and Tennessee Valley Authority, University of Tennessee Chattanooga and Chattanooga State Community College, as well as to Atlanta, Nashville or Knoxville.
An array of recreational opportunities are available within a seven-minute drive of the property. Starting with the nearest, there is the Tennessee River Gorge Trust, Creative Discovery Museum, Tennessee Aquarium, Chattanooga Zoo and Ruby Falls. Three major shopping centers or districts are situated within 1.2 miles of the property. Hiking, rock climbing, camping and mountain biking opportunities abound outside the city.