In 2007, Tricap was founded as a re-developer of multi-family assets, and achieved quick success repositioning properties through a combination of renovation, enhanced property management, and lease-up. From there, Tricap grew into a multifaceted organization that develops…
About this Property
- Strong Chattanooga Submarket: The subject property and its immediate competitors are maintaining occupancies at 95% and above.
- Ideal Location: The Links at Reads Lake offers tenants a convenient 15 minute drive to downtown Chattanooga and affordable middle-market rents.
- Professionally Rehabbed: Over $1 million spent on upgrades including windows, asphalt, exterior siding, counter-tops, appliances, vinyl wood flooring & light fixtures.
- Good Cash Flow & Rental Upside: The purchase price CAP rate is over 7%. After renovating the remaining units and moving rents to the current market, the property should achieve a yield to cost of 7.3%.
- 10.7% Cash on Cash: Investors are expected to achieve a 10% cash on cash return in the first year and average an 10.7% cash on cash for the life of the deal.