Cushman & Wakefield Arranges $31M Sale in Tennessee
- Oct 31, 2016
by Evelina Croitoru
Nashville, Tenn.—Cushman & Wakefield has announced the recently closed $31 million sale of the Springs at Chattanooga apartment community in Chattanooga, Tenn. The property was acquired by PointOne Holdings, which will rebrand the community as Hunters Point.
Located at 7401 Allemande Way, the 260-unit Class A property was built in 2015 and encompasses more than 15 acres within one mile of downtown Chattanooga. The garden-style community features a resort-style pool, club house, business center, fitness center and garages, among other amenities. The units average 963 square feet and have patios, well-equipped kitchens and garden tubes, among other amenities. Situated in close proximity to one interstate exit of the 1.9 million-square-foot Volkswagen assembly plant and the 1 million-square-foot Amazon Fulfillment Center, the newly named Hunters Point was 94 occupied at the time of the deal.
Jimmy Adams and Tyler Averitt, executive managing directors, alongside Vice Chair Marc Robinson with Cushman & Wakefield represented the seller in the transaction. “Springs at Chattanooga, newly named Hunters Point, has a unique design with ground-floor entry for all units and two-story buildings. Like other recently delivered deals in Northeast Chattanooga, this asset leased up very quickly. The buyer, PointOne Holdings, was able to obtain almost 80 percent leverage with Freddie Mac, despite recently stabilized occupancy and collections, and they have planned an amenity upgrade campaign,” said Adams in prepared remarks.
PointOne Holdings plans to invest $650,000 to upgrade the community’s interiors and amenities.
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