Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate.Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center.Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions.Highlights and Updates:-Current ownership is aggressively pushing the property to market-rate rents-Currently 10 vacant; with 7 of these already pre-leased at market rate-23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC-The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.
Listing courtesy of SVN I Wood Properties.
Agent: Jon Roosen | email@example.com
Office: SVN I Wood Properties | (865) 637-7777