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Category: Apartments, Case Study Tags: Apartments, Mutlifamily

Property Profile

3121 Bimini Place Chattanooga, TN 37412
Leasable Area
43,000 sq. ft.
Year Built

Located in the heavily sought-after East Ridge submarket in Chattanooga, the Vista Ridge Apartments sit on a 10-acre parcel. With consistently strong occupancy, recent installation of new roofs in 2015, and a sub-metering system for all utilities, Vista Ridge Apartments offers tremendous rental upside in a quickly growing market. The seller was motivated to flip the property after a year of ownership.


Before the pandemic, the lender backed out of the deal and the team went to a lender who held an existing note with the seller. After the arrival of COVID-19, the team and lender created new terms while running stress tests as money was harder to acquire. The Matthews™ team was successful in locating a buyer who put up 12 months of principal and interest reserve payments, totaling 35-40 percent down on the property.


Once the buyer was comfortable with moving forward, the property closed after negotiating multiple extensions for both parties. The Matthews™ team achieved a price that was $685,000 more than what the seller paid the year prior, resulting in a mutually beneficial outcome.



Connor Kerns
+1 (404) 445-1090
[email protected]


Austin Graham
+1 (404) 445-1091
[email protected]

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