Capital Square Living Assumes Management of Three Tennessee Multifamily Properties

Last week, Capital Square Living assumed the management of three Tennessee multifamily communities totaling 716 units. Launched in 2022, Capital Square Living is the property management subsidiary of Capital Square, a sponsor of tax-advantaged real estate investments and an active developer of multifamily communities.

The properties include Lullwater at Big Ridge in Hixson, as well as Marina Pointe Apartments and 17 Broad Apartments, both in Chattanooga. All three properties are owned by Delaware statutory trusts sponsored by Capital Square. This is Capital Square Living’s first step into the Tennessee multifamily market, where it plans to continue to expand its presence.

“This is an exciting time at Capital Square, when we assume management of some of the most desirable properties in the portfolio,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “By managing the Tennessee properties, Capital Square’s investors will benefit from greater economies of scale and a dedicated management team from acquisition through disposition.”

Capital Square Living is in the process of assuming management of 47 multifamily communities comprised of 11,862 units owned by Capital Square’s affiliated DST programs, opportunity zone funds and apartment real estate investment trust in 18 markets across seven states and 25 cities. Capital Square Living currently manages 33 residential communities comprised of more than 8,300 units and aims to assume management of the other 14 properties by fall 2024.

The firm provides comprehensive, state-of-the-art management services, including operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention. Regarding the latest communities:

Lullwater at Big Ridge is a 250-unit multifamily community located in Hamilton County and the Chattanooga metropolitan area. The gated community features floorplans that average 1,186 square feet and boast unique interior finishes, including large open kitchens with wraparound granite countertops, faux wood vinyl flooring, stainless steel appliances and more. Lullwater at Big Ridge is conveniently located off of Hixson Pike, one street from a Publix-anchored shopping center.

Marina Pointe Apartments is a Class B+ multifamily community with large floorplans and strong resident demographics. The 308-unit community is located within an affluent submarket of Chattanooga adjacent to Lake Chickamauga and Tennessee Valley Authority Big Ridge Small Wild Area, providing residents access to multiple outdoor amenities in a serene lakeside setting. Marina Pointe Apartments is approximately 15 minutes from Chattanooga’s two main employment centers, Enterprise South Industrial Park, home to Amazon and Volkswagen plants, and downtown Chattanooga, home to BlueCross BlueShield of Tennessee and over 60,000 employees.

17 Broad Apartments is a 158-unit luxury apartment community with spacious floorplans and outstanding contemporary architectural design. Centrally located in the downtown core, the property is within walking distance of numerous employment centers, entertainment venues, cultural attractions and dining and beverage options. 17 Broad Apartments is within half a mile of U.S. Route 27 and Interstate 24, providing residents with quick connectivity to other parts of the Chattanooga metropolitan area. Among nearby entertainment venues is the 20,412-seat Finley Stadium, which hosts sporting events and concerts.

“Capital Square’s longstanding mission has been to build legacies for our residents and bring value for our investors, and we are thrilled to continue to do so as we expand Capital Square Living’s footprint into Tennessee,” said Gus Remppies, president of Capital Square Living. “Our vertically integrated business model will improve the living experience for residents by providing best-in-class amenities and outstanding customer service.”

Capital Square is a real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. In recent years the company has become an active developer of mixed-use, multifamily properties in the southeastern United States, with eight current projects totaling approximately 2,000 apartment units with a total gross asset value of $730 million. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume.

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