ARIAM in partnership with The Reliance Solutions Group has the opportunity to acquire Hamilton Pines (“Hamilton”) in Chattanooga, TN for $2.75 million. The property was acquired for $1.7 million by the Seller in 2018, who has spent approximately $350k in capital renovating the property since acquisition.
To date, the seller has renovated 31 of 56 units, replaced all roofs, mailboxes and renovated the onsite laundry facility. We’re budgeting $475,000 ($8,482/unit) to renovate the balance of the units and add amenities such as a playground, dog bark and gazebo/grilling area. In place rents are currently $579 on average, while the market supports rents north of $760.
Raise Amount: $978,375
To read more or if you’re ready to move, visit the eVest Marketplace and speak directly with the sponsor.