CHATTANOOGA, TN – 1031 Capital Square, a leading sponsor of Delaware Statutory Trust (DST) offers for the Section 1031 Stock Exchange and other accredited investors, announced the acquisition of One Riverside, an apartment building community of 280 units in Chattanooga, Tennessee. Completed in 2020, the community was acquired on behalf of CS1031 One Riverside Apartments, DST.
"Chattanooga is a gem of a city that has the feel of Austin or Nashville before they took off," said Louis Rogers, Founder and CEO of Capital Square. "The combination of natural beauty and economic opportunities is unrivaled in the region."
Located at 950 Riverside Drive, the 280-unit community has one- and two-bedroom units on 17.7 acres of land. One Riverside is located two miles from downtown Chattanooga and provides residents with easy access to a wide variety of employers and community attractions. Nearby attractions include the Tennessee Riverwalk, a 16-mile hiking and biking trail that connects the property with downtown Chattanooga, Walnut Street Pedestrian Bridge, the Tennessee Aquarium, and the Hunter Museum of American Art. The community is located also near AT&T Field, home of the Chattanooga Lookouts, the Cincinnati Reds' Double-A minor league baseball subsidiary.
"One Riverside is ideally located in the Chattanooga East submarket and provides residents with easy access to a wide variety of employers and community attractions," said Whitson Huffman, chief strategy and investment officer. "The property sub-market has high barriers to entry, with only one other property under construction within a five-kilometer radius. This prime location paired with high-quality amenities makes this property an exceptional addition to our portfolio of multi-family DST properties."
The condominium amenities include a clubhouse with lounges, a play area, a clubhouse kitchen, a business center, a coffee bar and meeting rooms. Other amenities include a state-of-the-art fitness center with on-demand digital and weekly on-site classes, a yoga studio, outdoor grill stations, parcel delivery lockers, a saltwater pool with a tan bar, a pet spa, kayak storage, and a covered outdoor terrace with fireplace.
This marks the fifth acquisition of a multi-family community in Chattanooga by Capital Square that creates administrative efficiency and economies of scale.