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1319 Bell Ridge Road Rd
Johnson City, TN 37601
SOLD
$7,250,000
Sold
80,240
Sq.Ft.
MLS# 1238192

Property Details

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.

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Property Highlights

Price
$8,320,000
Property Type
Multi-Family
Acres
0.00
Year Built
2001

Location

Area
Washington County
County
Washington County

Property Details

Price
$8,320,000
Property Type
Multi-Family

Building

Total Area
80,240

Interior Features

Area and Spaces

Number of Units
64

Interior Features

Flooring
Laminate, Hardwood, Vinyl, Tile

Heating and Cooling

Heating Features
Central, Other

Building Details

Construction

Year Built
2001

Materials

Construction Materials
Brick

Terms

Terms

Special Terms
New Loan, Cash, Conventional

Heating, Cooling & Utilities

Cooling Features
Central Cooling

Parking

Parking Features
On Premise Parking
Listed by Svn I Wood Properties.
Listing Data last updated 07/19/2024 02:55 PM
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All estimates and provided for informational purposes only. Actual amounts may vary. The output of the tool is not a loan offer or solicitation, nor is it financial or legal advice. Information, rates, programs and loan scenarios shown are for example only as of 21-Jul-2024 and are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Contact your preferred lender for the pricing associated with your specific transaction. Calculations are generated by open source mortgage calculation software tools using common mathematical formulas. Copyright © 2024 Buying Buddy. All calculations should be independantly verified.
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Property History

38 days ago
Property information last updated
39 days ago
Date Sold
183 days ago
Status Active. This is the date the listing was placed on market.
NOTE: Cumulative Days on Market: 183. Data provided by the MLS.

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Listing Data last updated: 07/19/2024 02:55 PM
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