Interwest Capital Group has closed escrow on the off-market purchase of Reserve at Creekside, a 192-unit garden-style multifamily property, for $28.5 million. Built in 2005, the building has floor plans with an average square footage of 1,102. The property amenities include a resort style pool, grilling area, fitness center, car wash and dog park.
Reserve at Creekside is adjacent to their existing property in Chattanooga, Monarch Apartments, which they have owned since 2018.
The property is situated just off I-75, 4.2 miles from the Chattanooga Airport, 2.5 miles from Hamilton Place, and 1.3 miles from Erlanger East Hospital.
Freeman Webb will provide property management services. The acquisition was overseen by Elliott Burrell and Michael Koullas from Interwest Capital.
Michael Koullas, vice president of Acquisitions, said, “Reserve at Creekside presents a clear value-add opportunity in the robust and growing market of Chattanooga with accretive in-place debt. The property is situated directly adjacent to a property we have successfully owned and operated for over five years. This also eliminated a lot of business plan risk. We will execute both interior and exterior renovations to bring it in line with its immediate comp set.”