1319 Bell Ridge Road Rd, Johnson City, TN 37601

$7,250,000

Property Type: Multi-Family Square Footage: 80,240 Status: Closed

Current Price: $7,250,000 List Date: 1/19/2024 Last Modified: 6/12/2024

Overview

Description

Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate. Park Place Apartments is a multifamily ... (Read more) Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate. Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center. Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions. Highlights and Updates: -Current ownership is aggressively pushing the property to market-rate rents -Currently 10 vacant; with 7 of these already pre-leased at market rate -23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC -The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.

Listing Details MLS# 1238192

Location Tax Legal Info

House #: 1319
Street Name: Bell Ridge Road
St Suffix: Rd
State/Province: TN
Zip Code: 37601
PIN #: 047O A 006.00

Contract Info

Auction Y/N: No
Listing Price: 8320000

General Property Description

SqFt - Total (Aprox): 80240
Lot Dimensions: n/a
Number of Units: 64
Utilities/Mo Avg: 6083
Year Built: 2001
Property Status: N/A
Driveway: Paved

Status Change Info

Status Change Date: 2024-06-12
Under Contract Date: 2024-03-03
Sold Date: 2024-06-12

More Information

Property Features

Property Sub-Type: Apartment Type of Units: 2 Bedroom Unit; 3 or more Bdrm Units Sale Includes: Building and Land Floors: Hardwood; Laminate; Tile; Vinyl Fuel: Other Fuel Heat: Central Cooling: Central Cooling Construction: Frame - Brick Roof: Shingle Other Rooms: Other New Financing: Cash; Conventional; New Loan Showing: See Agent Instructns

IDX

Listing Office: SVN I Wood Properties

Last Updated: June - 12 - 2024

The data relating to real estate for sale on this Web Site comes from the IDX Program of the East Tennessee REALTORS® Multiple Listing Service. © Copyright 2026 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated daily, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.

1319 Bell Ridge Road Rd, Johnson City, TN 37601 (MLS# 1238192)