65 TOTAL UNITS
5553 COLEMAN DRIVE, CLEVELAND, TN | CHATTANOOGA MSA
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Berkadia is pleased to exclusively present Miller Landing, a brand-new Class A+ detached Build-To-Rent (BTR) community located in Cleveland, TN, a suburb of the Chattanooga MSA. Situated on 20.93 acres, this low-density asset is strategically positioned within minutes of I-75, allowing convenient access to the region’s premier economic hubs, including downtown Chattanooga approximately 20 miles to the southwest. The Property features an attractive mix of spacious three, four, and five bedroom homes with open concept floorplans, high-end finishes, and custom home features and living experience. As the only BTR community in a submarket with very limited Class A inventory, the Property has experienced strong lease-up demand and rent growth while boasting a high-earning resident profile capable of absorbing future rent increases. Miller Landing represents an excellent opportunity to acquire a premier Class A+ BTR community, utilizing conventional multifamily operations and traditional multifamily financing.
Executive Summary
Market
The Greater Chattanooga area 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 area continues to attract a highly skilled workforce due to its high-tech fiber optic network which has helped establish multiple tech companies, earning Chattanooga the nickname “Gig City”. The region is home to a prolific job network including top employers such as Volkswagen, Whirlpool, 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
Premier A+ Detached BTR Community
Brand new D.R. Horton built community featuring spacious three, four, and five bedroom homes with open concept floorplans
Two car garage and driveway, fenced in backyard, state-of-the-art smart home package, and top-of-market finishes for every home
Investment Highlights
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
Investment Sales
Contact Info
THE REVIEWS ARE IN...
Chattanooga, TN
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Highly Differentiated Product and Lack of Competing Supply
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First and only BTR community in the submarket with limited Class A supply
No properties currently under construction and no planned deliveries - Only 417 multifamily units delivered in the submarket since 2019
Ideal Renter Demographic
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High-earning resident profile with an average household income of $141,938
Favorable rent-to-income ratio supports rental upside of $910/month
Strong Lease-Up Demand and Rent Growth
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Average of seven move-ins per month during lease-up to date (more than 10% of total unit count each month)
Strong rent growth averaging 9% across each floorplan from first to last leases
Exceptional Connectivity
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Immediate proximity to I-75 provides direct access to the region’s premier economic hubs
Less than five minutes from Bradley Square Mall, Cleveland’s premier retail destination
< 30-minute average drive times to 200,000+ jobs
BRAND-NEW PREMIER CLASS A+ BUILD-TO-RENT (BTR) COMMUNITY
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 company business in Nevada.
© 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Atlanta Office
Three Alliance Center
3550 Lenox Road, Suite 2600
Atlanta, GA 30326
Caleb Troop
Managing Director
980.208.1668
caleb.troop@berkadia.com
RUSS HARDY
Andrew Mays
Senior Managing Director
404.445.1067
andrew.mays@berkadia.com
David Wilson, MAI
Senior Director
256.682.9143
davd.wilson@berkadia.com
Judy MccManus
Managing Director
404.654.2074
judy.macmanus@berkadia.com
Matt White
Senior Managing Director
404.654.2590
matt.white@berkadia.com
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Tyler Hogan
Director
404.654.2609
tyler.hogan@berkadia.com
Paul Vetter
Senior Managing Director
404.445.1068
paul.vetter@berkadia.com
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Additional Offerings:
Valley Ridge
The Lakes at Statham
Tom Genetti
Managing Director
205.403.5545
tom.genetti@berkadia.com
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