AVENTURA, Fla., May 12, 2011 /PRNewswire/ -- Trade Street Capital, a leading private investment firm, announced today that it has completed the acquisition of Fontaine Woods Apartments, a 263-unit apartment community located in Chattanooga, Tennessee.
The property is at the base of Signal Mountain located just outside of downtown Chattanooga and is strategically located less than 7 miles from the new Volkswagen production plant. Property amenities include a clubhouse with a fitness center, a resort-style swimming pool, and several apartment units with mountain and wooded 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. Our goal is to invest a significant amount of capital into the property immediately. This is our second acquisitions in this market and 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 2-3 years. We will continue to seek out investments in this market."
This is Trade Street's fifth 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 a 191-unit Class A asset located in Memphis, Tennessee, and a 110-unit asset located in Chattanooga, Tennessee.
About Trade Street Capital, LLC
Trade Street Capital is a private, U.S.-based investment firm with a focus on 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 of equity capital.
SOURCE Trade Street Capital
