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.