Source: Militello Capital / #Apartments #Multifamily
CHATTANOOGA, TN - Militello Capital, a greater Washington, DC private equity firm, announced the acquisition of Riverview Grande apartments, a 269-unit multi-family apartment community located in the Northshore submarket of Chattanooga, Tennessee.
The acquisition marks Militello Capital’s tenth multi-family investment completed through its joint venture with QR Capital, an Atlanta-based real estate investment firm. Riverview Grande was acquired for $24.75 million, with capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their High Net Worth clients.
“Chattanooga embodies what we look for in a real estate market: population growth driven by a diverse economy combined with built-in supply constraints,” said Matt Brady, Co-Founder and Chief Operating Officer of Militello Capital. “This investment, our first in Chattanooga and our third in the state of Tennessee, is consistent with our real estate strategy and is a perfect addition to our portfolio of income-producing properties.”
The Property was built in phases between 1964 and 1972 and consists of spacious two and three-bedroom units. Because of its proximity to downtown Chattanooga, the expanding Northshore commercial district and the University of Tennessee - Chattanooga, the Property attracts a good mixture of young professionals, families and students.
“The Property’s location in the vibrant Northshore market, combined with our planned renovations that are focused on enhancing the property's curb appeal and interior finishes, will allow us to attract residents looking for a nice community with close proximity to the expanding downtown Central Business District," said Daniel Malino, Principal of QR Capital.