CHATTANOOGA, TN – Olympus Property further expands its footprint in Tennessee with the successful acquisition of The Village at Apison Pike, a garden style Class-A multifamily community in the Chattanooga suburb of Ooltewah.
Completed in 2015, this 248-unit community is well positioned in the rapidly expanding suburbs of Chattanooga. The population influx in the Chattanooga MSA is a direct result of the revitalization of the Downtown area and the strong economic development brought by major employers such as Amazon, Volkswagen, and McKee Foods Corporation. Chattanooga was recently ranked number one for Employment Outlook by Forbes magazine, in part due to its proximity to the high growth metros of Atlanta and Nashville. With the continued economic development brought by corporate expansions, experts foresee an increase in high paying jobs, thereby raising household incomes by 28% over the next 10 years.
“The Chattanooga market is one of the most sought-after submarkets in the United States. It is experiencing exceptional rent growth accompanied by very limited supply. The Village at Apison Pike will be a fantastic addition to our Tennessee portfolio.” said Travis Bertetto, Olympus Acquisitions Manager.
The Village at Apison Pike features a resort style pool with cabanas, state of the art fitness center, fully equipped clubhouse with a billiard and gaming room, and a dog park. Unit interiors include granite countertops, nine-foot ceilings, and stainless-steel appliance packages. Olympus plans to further enhance this Class A property by infusing an additional $1M in capital over the next few years. This will include a complete exterior paint, minor renovations to the clubhouse, and amenity enhancements which will add significant value long term.
“Olympus Property has owned in the Chattanooga Market since 2016 and believes in the continued long-term growth of the market, which will provide upside to both our Partners and Olympus,” said Chase Bennett, Managing Director.

Powered by WPeMatico

LOUISVILLE, KY – Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, announced the $230 million acquisition of Middletown Landing and Mallard Crossing at St. Matthews, two premiere assets in the Louisville MSA.
The sizeable deal was sourced off-market, adding 1,246 units to the Company’s growing portfolio, currently tracking to reach nearly 15,000 units by year-end. The deal marks the largest for the Company to date.
“We’re fortunate to buy two high-quality assets that significantly bolster our overall unit count and allow us to extend our reach in a market that we’ve been so successful in,” said Ryan Reyes, Chief Investment Officer for Stoneweg US. “Middletown Landing and Mallard Crossing at St. Matthews represents a giant step forward in our growth strategy and this go is indicative of our capabilities to source and close quality deals on a large scale.”
Middletown Landing offers 646 spacious units that include a majority of townhome style units with an average unit size of nearly 1,100 sq ft and boasts elite finishes and interiors such as granite countertops, 9-foot ceilings, subway tile backsplashes, and trendy wood-style plank flooring. Best-in-class exterior amenities include a two-tale fitness center, resort-style pool, volleyball courts, and The Goat, an onsite full-service restaurant that offers convenience and notable distinction from neighboring residences. Built in 2014 and 2016, Middletown Landing is nestled in the South Jefferson Middletown submarket, providing simple access to major highways, notable employers including UPS, Amazon, and Ford Motor Company; and in proximity to major retailers such as Target and Kroger.
Mallard Crossing at St. Matthews, constructed in 1988, contains 600 units and is situated in the heart of the St. Matthews submarket, one of Louisville’s strongest performing and most desirable submarkets due to its accessibility to downtown Louisville and its burgeoning job market. The previous owner deployed a partial renovation plot, installing quartz countertops, walk-in showers, upgraded cabinetry, and new lighting fixtures for 20 percent of the units. Mallard Crossing also features a vintage farmhouse constructed in the 1800s which now serves as the property’s leasing center, providing a unique aesthetic to the grounds.
“Middletown Landing and Mallard Crossing at St. Matthews both possess that accessibility element that has historically driven renters,” said Ryan Smyth, Director of Acquisitions for Stoneweg US. “The business plot we will implement at both properties will push these assets to the forefront of the ‘live-work-play’ trend that is overwhelmingly driving multifamily developments and communities right now.”
Stoneweg US will deploy a generous capital expenditure budget to complete unit renovations, revamp signage, and spruce up the landscaping at both communities. New amenities are also scheduled that will add dog parks, storage solutions, new gym equipment, and other enhancements to the resident experience. Operations at Middletown Landing will be overseen by Greystar, while operations at Mallard Crossing at St. Matthews will be managed by The PMR Companies.

Powered by WPeMatico

ATLANTA, GA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a new Class A, 234-unit luxury multifamily community in Commerce, Georgia a part of Metro Atlanta. The community was bought on behalf of CS1031 Capstone at Banks Crossing Apartments, DST.
“Capstone at Banks Crossing Apartments is Capital Square’s fifteenth acquisition of an apartment community in Georgia, making management efficiencies and economies of scale,” said Louis Rogers, founder and chief executive officer of Capital Square. “Capital Square is bullish on Metro Atlanta because the economy is growing rapidly and making jobs. The population of the Atlanta metropolitan statistical area increased 15.2% between 2010 and 2020, and Commerce, along with nearby areas, has become an vital industrial hub for the growing region.1”
Located at 288 E. Ridgeway Road, Capstone at Banks Crossing was recently completed in 2021. Situated in Banks County, on 15.6 acres of land, the community was 97.8% leased as of December 2021.
The community offers one-, two- and three-bedroom units with high-end finishes, including granite kitchen and bathroom countertops, stainless steel appliances and more.
Amenities at the community include a swimming pool with tanning ledge, clubhouse with resident lounges and a kitchen, business center, coffee bar and conference room. Additional features include a fitness center with digital on-demand classes, outdoor grilling stations, package delivery lockers, dog park and pet spa, fire pit and storage units available to rent.
Capstone also benefits from vital demand drivers, such as increasing regional employment. Notably, SK Innovation launched construction on the second phase of its $2.6 billion electric battery plant, which will supply about 430,000 electric vehicle batteries per year to Ford and Volkswagen when the factory fully ramps up by the end of 2023.2SK Innovation forecasts that the plant, located approximately two miles from Capstone, could eventually use more than 6,000 workers. The operations also plot to bring thousands of other businesses to the area, including suppliers and retail operations, such as restaurants.
Enchem Ltd., a supplier to SK Innovation, announced it would invest $61.4 million to build two new manufacturing plants in nearby Jackson County, making more than 300 jobs.
Diana Food’s $50 million office and food manufacturing and warehouse facility and German laminate and wood flooring underlay manufacturer Selit’s $45 million plant are less than one mile from the apartment complex. Additionally, GE Appliances’ new distribution center is four miles from Capstone, while Southeast Toyota Distributor’s 350,000-square-foot facility is just six miles away.
Meanwhile, Amazon and Walmart have leased more than one million square feet each in nearby Pendergrass, Georgia, while Toyota Industries Compressor Parts America is expanding its manufacturing facility, also in Pendergrass. These companies, and others, have targeted northeast Georgia as ideal for manufacturing and distribution activities.
“Capstone is an exceptional addition to the Capital Square portfolio,” said Whitson Huffman, chief strategy and investment officer. “The property is newly built and caters to higher-end renters in an economically thriving part of Georgia. Expanding employment centers in the region will drive continued population and employment growth, which should lead to even greater demand for quality housing options, such as those provided by Capstone at Banks Crossing Apartments.”

Powered by WPeMatico