Capital Square 1031 Acquires Tennessee Apartments
- Jul 21, 2021
Capital Square 1031 has acquired Lullwater at Big Ridge, located in the northeast Chattanooga suburb of Hixson, Tenn. The 250-unit apartment community was acquired for CS1031 Lullwater at Big Ridge Apartments DST, a Reg. D. private placement. Capital Square 1031 is a sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors.
With an address of 6038 Hixson Pike, Lullwater at Big Ridge is the newest apartment community in the submarket. A gated community built last year, the property features one-, two- and three-bedroom apartments that range from 1,028 square feet to 1,432 square feet. Features and finishes of apartment homes include built-in computer nooks with USB ports, large open kitchens, wraparound granite countertops, stainless-steel appliances and faux wood vinyl flooring. A pocket park with benches and barbecue grills is among amenities offered at the property.
Last month, Capital Square topped out the first of three apartment communities it has planned for Richmond, Va.
Some prognosticators believe Chattanooga will follow Austin and Nashville as the nation’s next boom city. Benefitting from its location 130 miles from both Atlanta and Nashville, Chattanooga was ranked by Forbes as enjoying the nation’s top employment outlook.
The city offers a number of strong employment sectors, including healthcare, education, technology, manufacturing and tourism. Its 10-gigabit-per-second fiber Internet services also resulted in Chattanooga being anointed “Gig City.”
Located just a few minutes north of Chattanooga proper, Hixson offers residents the conveniently located Northgate Mall, which is encircled by dining options. Nearby venues for outdoor activities include several golf courses, Prentice Cooper State Forest and the network of trails at North Chickamauga Creek Conservancy Area.