Chattanooga, TN
55 Unit Value-Add Opportunity
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Berkadia is pleased to present Ivy Terrace, a 55-unit garden-style apartment community located in the Red Bank, Tennessee Submarket. Situated on 4.4+ acres, this high-quality asset benefits from its superb location within 10 minutes of North Shore and downtown Chattanooga and is afforded convenient access to popular lifestyle destinations including walking trails, parks, restaurants, over 7MM SF of retail, and 100,000+ jobs. Blue Cross Blue Shield of Tennessee, one of the region’s top employers, is a short drive away via US Highway 27. Other top employers such as Volkswagen, Erlanger Health System, and Tennessee Valley Authority continue to influence the surrounding market through job creation, technological advancement, and economic growth.
The Property offers floorplans ranging from studios to three-bedroom units and was refreshed in 2019 with interior and exterior upgrades. Strong loss to lease burn-off, impressive submarket fundamentals, and rental rates at competing top-of-market peers set the stage for substantial future rent growth. Ivy Terrace represents an excellent opportunity to acquire a well-positioned community in the booming Chattanooga market.
Executive Summary
Market
Chattanooga, known as “Gig City” benefits from a diverse mix of industry and services, a history of sustainable population growth, and reasonable tax rates that combine to help the regional economy maintain a healthy balance. The city continues to attract a highly skilled workforce due to the robust fiber optic internet speeds that have helped establish multiple tech companies. Chattanooga is home to a prolific job network including top employers such as Volkswagen, Blue Cross Blue Shield and Erlanger Health System. Local lifestyle attractions such as the Tennessee Aquarium, riverfront parks, Rock City, minor league baseball, Heritage Dog Park, Bluff View Art District, Blue Goose Hollow Trail and Lookout Mountain continue to drive the region's growth. With thriving residential communities, growing businesses, and numerous recreational activities, Chattanooga offers a high quality way of life.
“One of the Best Places to Travel in 2023”
Forbes
“One of the Best Places for a Dreamy Retirement”
Southern Living Magazine, 2022
“One of the Best Places to Travel in June”
Travel and Leisure, 2022
“One of 6 Great Cities for Startups”
CNBC
#1 Best City to Work From Home
Zillow
“One of the 10 Great Cities in the US for Outdoor Adventure”
Washington Post, 2022
“One of the Best Mountain Towns in the U.S.”
Outside Magazine 2022
VALUE-ADD OPPORTUNITY
Upgraded in 2019, the Property distinguishes itself from the dated inventory prevalent in the Red Bank Submarket
Opportunity to further enhance the Property through next-level interior renovations and upgraded amenities
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SIGNIFICANT RENTAL GROWTH UPSIDE
Strong loss to lease burn-off creates over $63,024 of potential additional annual income with zero additional improvement costs
Opportunity to drive revenue growth through additional income boosters
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EXCEPTIONAL CONNECTIVITY
Proximate to US Highway 27, providing direct connectivity to downtown Chattanooga and multiple employment nodes
Rapid drive times to 100,000+ jobs
Easy access to over 7MM square feet of premier retail including grocery
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CHATTANOOGA ECONOMY EXPERIENCING EXPLOSIVE GROWTH
Employment has grown by over 19% since 2013 and is projected to grow an additional 7% by 2033
The population within 5 miles of the Property has grown by more than 11% since 2010
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ROBUST SUBMARKET FUNDAMENTALS AND BARRIERS TO ENTRY
Strong recent and projected effective rent growth and low vacancy trends within the submarket
Historically supply constrained and lack of available land limits new construction in the Red Bank Submarket
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Investment Highlights
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
JOHN BRAY
Senior Managing Director
404.654.2595
john.bray@berkadia.com
TOM GENETTI
Managing Director
205.406.5545
tom.genetti@berkadia.com
RICHARD LEVINE
Senior Managing Director
404.654.2590
richard.levine@berkadia.com
JOSH FINLEY
Managing Director
404.654.2594
josh.finley@berkadia.com
Mortgage Banking
RUSS HARDY
Managing Director
404.422.0499
russ.hardy@berkadia.com
patrick jordan
Managing Director
901.425.1828
patrick.jordan@berkadia.com
DAVID WILSON, MAI
Senior Director
256.682.9143
david.wilson@berkadia.com
Investment Sales
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Chattanooga, TN
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