Date of Acquisition
September 2014

Scope of Transaction
$31.2 million

Number of Units
506

Funding
78%

Equity
$3.4 million

Investment by Brightman-Gil
$0.15 million / 2% of the equity
NORTH SHORE (SOLD)
Chattanooga, TN

North Shore has 506 multifamily units in two housing clusters. It enjoyed a high occupancy rate of about 98%, as rents were lower than in competing properties.

Chattanooga's low unemployment rates and 3% annual growth in the labor market make it an attractive city. Furthermore, Volkswagen invested $600 million in the creation of a huge plant within commuting distance of this property.

We realized this asset's upside potential in two stages. First, we significantly increased rent. Then, after renovating 35% of the units and demonstrating the potential for a further hike in rental fees, we sold the property for a return of 19% IRR.

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Transaction Details

09/2014
Acquisition

$31.2M
Scope

506
Units

78%
Funding

$3.4M
Equity

$0.15M
B&G Invested