Trade Street Acquires The Trails at Signal Mountain
The 172-unit apartment community is the investment firm's third purchase in the city of Chattanooga, Tenn., in the last year.
June 7, 2011
By Allison Landa, News Editor
Courtesy Flickr Creative Commons user Bohman
Investment firm Trade Street Capital has completed the purchase of The Trails at Signal Mountain, a 172-unit apartment community in Chattanooga, Tennessee. The acquisition is Trade Street’s third in the city of Chattanooga in the last year.
The transaction was funded by a Trade Street Capital fund. CW Capital assisted with arranging agency financing.
According to Trade Street Residential managing director Ryan Hanks, the acquisition fits well with corporate strategy of investing in Class A and B assets in Sunbelt markets with growth potential. He added that he believes the Chattanooga apartment market has major growth in its future with a new Volkswagon plant about to begin production as well as retailer Amazon.com’s plans to locate there.
The apartment complex is located at the base of Signal Mountain and is less than 5 miles from the new Volkswagon plant, as well as from downtown Chattanooga. Its amenities include a clubhouse with fitness center, upgraded interiors and a resort-style pool.
Other recent Trade Street acquisitions include a 259-unit Class A asset in Atlanta, a 240-unit Class A asset in Augusta, Georgia, and a 191-unit Class A asset in Memphis.
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