TruAmerica Multifamily has acquired Ridgemont at Stringers Ridge, a 226-unit multifamily community in Chattanooga for $35 million.
Ridgemont at Stringers Ridge is TruAmerica’s first acquisition in Chattanooga and third in Tennessee in the last 10 months.
Built in 1988, the property features a mix of one- and two-bedroom apartment homes. The property provides TruAmerica with the opportunity to upgrade both the unit interiors and common areas.
Officials said, "Chattanooga is the fourth largest city in Tennessee and since 2010 has been the second fastest-growing big city in the state.
Chattanooga’s low cost of living, diverse economy and growing job market have fueled that phenomenal population growth buoyed by the steady influx of major companies into the market. Those companies include Cigna, Northwestern Mutual, Tennessee Valley Authority, and Erlanger Health System. Employment opportunities have brought a stream of new residents, creating a growing need for quality housing."
“Chattanooga checks all the boxes when it comes to demand drivers we look for in a multifamily market,” said Matt Ferrari, Co-Chief Investment Officer at TruAmerica. “Its heightened level of affordability and continued in-migration into the MSA were several of the key factors that we valued prior to entering this new market.”
Officials stated, "Situated just off state route 27, the property is two miles north of downtown Chattanooga, providing easy access to the city’s largest employers and amenity centers, as well as its renowned parks and nature preserves. It is also zoned to the highly ranked Hamilton County School District and just a short ten-minute drive from the University of Tennessee at Chattanooga, which has 12,000 students and 1,400 faculty members.
"Ridgemont at Stringers Ridge’s location in the North Shore submarket attracts renters seeking a suburban lifestyle with proximity to urban amenities. North Shore has a myriad of upscale restaurants, bars, and shops, and has experienced over 20 percent population growth over the last decade, primarily due to millennial migration, according to figures from CBRE which marketed the property for sale on behalf of the seller. Ridgemont is also the only apartment community with a trailhead on Stringer’s Ridge, a 92-acre nature preserve with popular walking, mountain biking and hiking trails."
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country's most active multifamily investors and manages a portfolio of approximately 54,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah and Washington.