Capstone Apartment Partners Brokers Sale Of The Clemons Lofts In Downtown For $10 Million

Thursday, March 1, 2018

Capstone Apartment Partners recently brokered the sale of The Clemons Lofts: a fully-renovated and repurposed historic, mid-rise building in the heart of downtown Chattanooga.

Originally built in 1918 as an office headquarters, the six-story iconic Clemons building was restored into 54 ultra- modern rental units and 7,922 SF of ground floor Class A retail space—making it one of the most unique and high -profile mixed-use developments downtown.

Capstone successfully pushed pricing above conventional multi-family investor pricing thresholds, while not accepting any discount for retail not yet leased. Capstone’s cross-regional network of offices collaborated to locate the optimal buyer, California-based TMC Group. Looking to expand its existing Tennessee connections, TMC Group bought the asset from Via Nova Development for $10,000,000, or $185,185 per door.

The 54-unit, historic asset has been completely redeveloped into a multi-family community with best-in-class amenities and finishes. Boasting a live/work/play lifestyle for its residents, The Clemons Lofts features a rooftop terrace with dog park, Energy Star appliances, designer unit finishes, Nest thermostats, finger print security, bike/equipment storage, fitness center, ground floor retail, and on-site grocer.

Adam Klenk and Michael Sohr from Capstone’s Nashville office and A.J. Klenk from Capstone’s Charlotte headquarters represented both the buyer and the seller on the deal.

Shepherd Hills Apartments Sell For $5.9 Million

The Shepherd Hills Apartments have sold for $5.9 million. The apartment complex, built in 1965, is at 404 Tunnel Blvd. The 5.53-acre property includes total square footage of 99,760 square feet. The sale was  to 404 Homes Llc from Shepherd Hills Llc, of Las Cruces, New Mexico. (click for more)

Real Estate Transfers For June 7-13

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Voters May Decide In November On Whether To Eliminate City Court; Paving Fund Also Considered

Chattanooga voters in November may get to vote on whether City Court should be abolished. City Council members indicated during budget talks on Tuesday that may be an upcoming referendum question. Councilman Jerry Mitchell said he, for one, "would vote to eliminate it." However, he said the court would apparently run through 2021 when the eight-year terms of Judges Sherry ... (click for more)

Alexander Calls For Immediate End To Separation Of Families At Border

United States Senator Lamar Alexander Tuesday released the following statement on the separation of children from their parents at the border:  “Illegal immigration is against the law but new enforcement policies have resulted in hundreds of children being separated from their parents. The administration should end that new policy immediately while Congress works with the ... (click for more)

Never Replacing Claude Ramsey But Following His Example

When Claude made his decision not to seek reelection as the 26th District state representative I made my intention known to seek the office following him.  Immediately opponents from both parties began to qualify for that opportunity.  With Bill Bennett as my campaign manager and many of Claude’s supporters going door to door into the community, as Claude had done in his ... (click for more)

Roy Exum: Participation Trophies

You may remember several years back when James Harrison, a linebacker for the Steelers at the time, came home to discover his two sons, who were then ages 8 and 6, had received “participation trophies” on a sports team. Harrison, who earned his way into the NFL (he was not drafted out of Kent State yet played in five Pro Bowls), promptly loaded his sons and the bogus trophies in ... (click for more)