Matthews Real Estate Investment Services™ completed the sale of a 56-unit multifamily asset, Seminole Pathe Apartments & Richwood Townhomes, at 392 Dunlap Ave. in Chattanooga, Tennessee.
Vice President Austin Graham completed the transaction.
Both properties were built in 1968 and renovated in 2022, with around 20% rental upside to the market rents already being achieved on the renovated units. Located in the quiet residential areas of Chattanooga, both properties are only about five miles from downtown.
The buyer plans to renovate the remaining units and make further exterior improvements. This was a Fannie Mae loan assumption where Graham was able to work out a supplemental second with the agency to provide the buyer better than market terms and save the seller money by avoiding prepayment penalties.
