Significant CapEx Spend: Riverview Grande has had $4.6 million worth of Capital Expenditures in the last several years. Highlights of the renovation include Flooring, Appliances, Lighting, Cabinets, Exterior Paint, Swimming Pool upgrades, Roof Replacement, Landscaping, and much more.
Proven Value-Add Model: The interiors at Riverview Grande have varying levels of finishes achieving different rent premiums. New ownership will have the potential to increase rents at Riverview Grande by continuing to update Flooring, Appliances, Cabinets, Backsplash, Countertops, and Lights. Additionally, 26 Washer/Dryer appliance rentals have achieved a $35 rent premium, providing another proven value-add opportunity.
Desirable Northshore Submarket: The Northshore submarket is home to Chattanooga’s best dining, shopping, living, and outdoor activities including:
• Frazier Avenue / Renaissance Park: Whole Foods, Publix, Taco Mamacita, Rock/Creek Outfitters, Milk & Honey
• Stringers Ridge Park: 92-acre park overlooking the Tennessee River
• Chattanooga Golf & Country Club
• Northshore boasts high home values that range up to $1,750,000
Chattanooga is ‘Gig City’: Chattanooga is Home of the Nation’s Fastest Internet and is one of America’s Most Startup-Friendly Cities (Fortune). Since the inception of “The Gig”, Chattanooga has experienced significant economic investment, wage & population growth, and rising rent & home prices.
Nationally Recognized Destination: Chattanooga is #1 for ‘Best Midsize Cities for New Grads’ for its blooming infrastructure, unique atmosphere, and beautiful scenery. Tourism has an annual economic impact on the city exceeding $1 billion.
Chattanooga Demand Drivers: Tenants of Riverview Grande benefit from the property’s close proximity to Chattanooga’s most significant economic drivers, including:
• Chattanooga’s Innovation District - 140-acre section in Downtown Chattanooga containing local startups, nonprofits, and government entities
• Volkswagen Plant - Over 2,500 employees work in Chattanooga’s Volkswagen plant, and the company has invested over $1 billion in the city
• BlueCross BlueShield of Tennessee - 5,548 jobs
• Downtown Chattanooga - Top attractions include a world-class guitar museum, local restaurants and breweries, the Tennessee Aquarium, and a gorgeous riverfront