CHATTANOOGA, TN - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of One Riverside, a 280-unit multifamily community in Chattanooga, Tennessee. Completed in 2020, the community was acquired on behalf of CS1031 One Riverside Apartments, DST.
"Chattanooga is a gem of a city with the feel of Austin or Nashville before they took off," said Louis Rogers, founder and chief executive officer of Capital Square. "The combination of natural beauty and economic opportunity is unrivaled in the region."
Located at 950 Riverside Drive, the 280-unit community features one- and two-bedroom units situated on 17.7 acres of land. One Riverside is located approximately two miles from downtown Chattanooga and offers residents convenient access to numerous employers and community points of interest. Nearby attractions include the Tennessee Riverwalk, a 16-mile hike-and-bike trail that connects the property to downtown Chattanooga, the Walnut Street Pedestrian Bridge, the Tennessee Aquarium and Hunter Museum of American Art. The community is also near AT&T Field, home of the Chattanooga Lookouts, the Double-A Minor League Baseball affiliate of the Cincinnati Reds.
"One Riverside is ideally located in the Chattanooga East submarket, providing residents with convenient access to numerous employers and community points of interest," said Whitson Huffman, chief strategy and investment officer. "The property's submarket has high barriers to entry with only one other property under construction within a three-mile radius. This premier location coupled with high-end amenities makes this property an exceptional addition to our portfolio of multifamily DST properties."
Amenities at the gated community include a clubhouse with resident lounges, a gaming area, clubhouse kitchen, business center, coffee bar and meeting rooms. Additional amenities include a state-of-the-art fitness center with digital on-demand and weekly onsite classes, a yoga studio, outdoor grilling stations, package delivery lockers, a saltwater pool with tanning ledge, a pet spa, kayak storage and an outdoor covered patio with fireplace.
This is Capital Square's fifth acquisition of a multifamily community in Chattanooga, creating management efficiencies and economies of scale.