Apartment Complex On Broad Street Sells For $37.5 Million; Is 4th Apartment Acquisition In Chattanooga By Capital Square
September 24, 2021
Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of 17 Broad, a 158-unit, luxury multi-family community. The property was acquired on behalf of CS1031 17 Broad Apartments, DST, a Reg. D private placement investment offering.
“This is Capital Square’s fourth acquisition of a Class A apartment community in Chattanooga,” said Louis Rogers, founder and chief executive officer of Capital Square.
“Capital Square is bullish on Chattanooga because the area is projected to have high occupancy and rent growth, according to Yardi Matrix, and was recently ranked number one in the nation for employment outlook by Forbes Magazine. Capital Square believes that Chattanooga is poised to become the ‘next Austin‘ based on its many attributes, including its excellent location, only 130 miles from Atlanta and Nashville, substantial rent and area GDP growth, low cost of living, and high quality of life.”
Located at 1701 Broad St., the community was completed in 2020 and is situated on 1.6 acres of land. The property is conveniently located near numerous entertainment venues, cultural attractions and dining and beverage options.
Residents benefit from the property’s proximity to several of Chattanooga’s major employers, including Erlanger Health System, BlueCross BlueShield of Tennessee, Tennessee Valley Authority, Unum, McKee Food Corp., Volkswagen, CHI Memorial Hospital, Amazon, and more, it was stated.
Community amenities include a fitness center; a heated, saltwater swimming pool; sky lounge with sweeping mountain views; a sundeck and a TV lounge. Additional amenities include a business center, barbecue and picnic area, a gated onsite parking garage, package receiving and a clubhouse.
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