Dealmaker: Hamilton Zanze Buys Tennessee Multifamily Community for $54M
San Francisco-based real estate firm Hamilton Zanze acquired the 190-unit 5 Points Northshore Apartments in Chattanooga, Tenn.
The Nashville Chattanoogan newspaper reported Hamilton Zanze paid Bristol Chattanooga Partners LLC, Chattanooga, $54 million for the 2019-vintage asset, HZ’s eighth Tennessee acquisition.
The Kirkland Co., Brentwood, Tenn., represented the seller in this transaction.
“5 Points Northshore presented a great opportunity to buy a Class A asset in Chattanooga,” said David Nelson, Hamilton Zanze Chief Transactions Officer. He noted 5 Points Northshore Apartments is the firm’s second Chattanooga acquisition.
The community at 328 Cherokee Blvd. is a five-minute drive from downtown Chattanooga. The 190 units have 37 different floor plans that average 826 square feet. Community amenities include an outdoor lounge and kitchen, resort-style pool and a clubroom with billiards tables.
Hamilton Zanze plans a capital improvement program that will include site improvements, building repairs and mechanical, electrical and plumbing updates.
