PointOne Holdings Buys Tennessee Community for $31M
- Oct 20, 2016
Chattanooga, Tenn.—PointOne Holdings has acquired a 260-unit Class A community in Chattanooga. The Springs at Chattanooga was purchased for $31 million.
Located at 7402 Allemande Way, The Springs at Chattanooga features one-, two- and three-bedroom floorplans with unit sizes ranging between 525 and 1,430 square feet. According to Yardi Matrix data, monthly rents range between $819 and $1,441. Common area amenities include a fitness center, clubhouse, swimming pool and 440 parking spaces. The property is within one mile of the city’s principal retail core and one exit from the 1.9 million-square-foot Volkswagen assembly plant and the 1 million-square foot Amazon Fulfillment Center, two of the region’s predominate economic drivers.
“We are excited to enter the Chattanooga market, a dynamic city with a growing tech/innovation, arts, and dining scene,” said David Lewin, managing member of PointOne Holdings, in prepared remarks. “The property’s strategic location in East Chattanooga is particularly important given the influx of jobs at the Volkswagen Manufacturing plant and the regional Amazon distribution hub.”
PointOne Holdings plans to invest $650,000 in capital improvements to the 15-acre property to implement minimal interior and amenity upgrade programs.
“The Springs at Chattanooga, PointOne Holdings’ fourth major acquisition in 2016, meets all of our acquisition criteria including a submarket with strong employment and limited new starts as well as solid apartment fundamentals,” added Leo Peicher, PointOne Holdings’ managing member. “We see the property as another important step in building our diversified portfolio of multifamily and commercial properties.”
Image courtesy of Yardi Matrix