Blue Vista Capital Partners closed its acquisition of an apartment complex in Eastern Tennessee. Blue Vista, In partnership with Standifer Capital, acquired Stoneybrook Heights Apartments, a 88-unit community in Johnson City, Tennessee.
Blue Vista is a Chicago-based real estate investment manager with more than 20 years of experience investing in middle market real estate in partnership with local operators. Standifer Capital is an opportunistic real estate Investment company focused on acquiring multifamily properties across the Southeast. This investment marks Standifer Capital’s 15th acquisition overall and seventh acquisition in the East Tennessee market.
Stoneybrook Heights was built in 1998 and consists of 11 two-story residential buildings and a single-story office building.
- The property was built as affordable housing through the LIHTC program and will become a full market rate property in 2H 2024 (currently 45% of units are market rate).
- The average unit size is 1,032 square feet and the unit mix consists of 28 two-bedroom units, 40 three-bedroom units and 20 four-bedroom units. All units have W/D connections and property amenities include a clubhouse and green space for pets.
