AVENTURA, Fla., Dec. 14, 2010 /PRNewswire/ -- Trade Street Capital, a leading private investment firm, announced today that it has completed the acquisition of Lakeshore on The Hill Apartments, a 123-unit apartment community located in Chattanooga, Tennessee.
The property is located directly on the Tennessee River and is strategically located less than 7 miles from the new Volkswagen production plant and Downtown Chattanooga. Property amenities include a clubhouse with a fitness center, a resort-style swimming pool, and several apartment units with water views.
Commenting on the announcement, Ryan Hanks, Managing Director of Trade Street Residential said, "This acquisition fits well with our strategy to invest in Class A and B assets in Sunbelt markets with growth potential. We believe the Chattanooga apartment market has significant growth ahead of it. With the new Volkswagen plant about to start production and the recent announcement that Amazon has made about opening up a facility in town home we anticipate several thousand jobs will be created over the next 3 years. We will continue to seek out investments in this market. We see this investment as a terrific opportunity of adding a quality asset with upside potential to our portfolio."
The acquisition was funded by a Trade Street Capital fund while CW Capital helped arrange the agency financing.
This is Trade Street's fourth acquisition in recent months. Through their latest fund they have acquired a 259-unit Class A asset located in Atlanta, Georgia, a 240-unit Class A asset located in Augusta, Georgia and a 191-unit Class A asset located in Memphis, Tennessee.
About Trade Street Capital, LLC
Trade Street Capital is a private, U.S.-based investment firm with a focus on core multi-family real estate. Through its subsidiary Trade Street Residential the firm is actively acquiring and developing apartment communities throughout the Sunbelt. Since the group's inception, the firm, through its two current funds, has invested more than $200,000,000 million of equity capital.
SOURCE Trade Street Capital, LLC