CHATTANOOGA, TN – 1031 Capital Square, a leading sponsor of Delaware Statutory Trust (DST) offerings for 1031 Exchange and other accredited investors, announced the acquisition of Lullwater in Big Ridge, an apartment building community of 250 units in the Hixson submarket of Chattanooga, Tennessee. The property was purchased for CS1031 Lullwater from Big Ridge Apartments, DST, a Reg. D private placement.
"Chattanooga was recently rated # 1 by Forbes magazine for employment prospects, in part because of its exceptional location just 130 miles from Atlanta and Nashville," said Louis Rogers, founder and chief executive officer. Known for healthcare, manufacturing, education, technology, and tourism, the city has been dubbed the Gig City for its 10 gigabits per second fiber optic Internet services. These attributes make Chattanooga, like Nashville, the next booming city or Austin . "
The residential complex is located at 6038 Hixson Pike and was built in 2020 and is the newest apartment complex in the Hixson submarket. Lullwater at Big Ridge is comprised of one, two, and three bedroom units ranging in size from approximately 1,028 square feet to 1,432 square feet. The community features floor plans with large open kitchens with wraparound granite countertops, synthetic wood vinyl floors, and stainless steel appliances.
Communal facilities include a dog park, resort-style pool with an outdoor kitchen and fire pit, clubhouse with lounge, media room, conference room, business center, and fitness center. Additional amenities include a secure locker room for parcel delivery, a car care center, and 30 free-standing garages, as well as 21 storage rooms that can be rented.
CS1031 Lullwater at Big Ridge Apartments, DST is targeting $ 27.9 million in equity from accredited investors and has a minimum investment of $ 50,000.
"Lullwater at Big Ridge is a particularly attractive asset not only because it's the newest multi-family community on the submarket, but also because it offers large residential units and unique interiors," said Whitson Huffman, chief strategy and investment officer. "The community is well located on Hixson Pike and gives residents easy access to nearby work centers as well as a Publix-anchored mall just one street away."