Q2 2012 Chattanooga, Tennessee Apartment Property Sales Analysis

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Q2 2012 Chattanooga, Tennessee Apartment Property Sales Analysis


Sales are slow. The single transaction completed during the second quarter brought the year-to-date total to two for a combined total of $19.6 million ($76,000 per unit). In the second quarter’s sole transaction, Southern Adventist University Inc. paid an undisclosed seller $4.1 million ($82,000 per unit) for the 50-unit Winding Creek Apartments in Ooltewah. The Class B/C property was built in 1997. The sale closed in June at a 5.3% cap rate. The 12-month rolling mean cap rate per quarter-end was 5.9%, down from 6.5% a year earlier.