PointOne Holdings Acquires Springs at Chattanooga Apartments, a 260-unit Multifamily Apartment Community in Chattanooga, Tennessee
The multifamily community is 93 percent occupied and located a few miles the region’s predominate economic drivers.
HOLLYWOOD, FLORIDA – OCTOBER 20, 2016
PointOne Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, acquired The Springs at Chattanooga for $31 million. The property, located in the city of Chattanooga is a 260-unit, “Class A” garden-style, multifamily rental community, encompassing more than 15 acres and newly built in 2015.
The Springs at Chattanooga is located on Gunbarrel Road, which averages a daily traffic count of 27,000 vehicles. 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. PointOne Holdings will rebrand the community as Hunters Point.
The community’s best-of-class amenities include a resort-style swimming pool, well-appointed clubhouse featuring free Wi-Fi, coffee bar and business center, 24-hour state-of-the-art fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. The property’s well-designed apartment units average a spacious 963 square feet and feature fully equipped kitchens, ceiling fans, garden tubs, laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets.
The company plans to invest $650,000 in capital improvements to the property to implement minimal interior and amenity upgrade programs.
“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. “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.”
“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,” said Leo Peicher, PointOne Holdings’ managing member. “We see the property as another important step in building our diversified portfolio of multifamily and commercial properties.”
About PointOne Holdings:
PointOne Holdings is an investment and operating platform composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite, close, asset manage and reposition value-add and core investments in multifamily and commercial real estate. Our core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. Our principals are seasoned Real Estate professionals with over 40 years of combined experience who collectively have conducted over $1.2 billion in real estate transactions.
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