Tricap adds to Tennessee portfolio with latest acquisition
CHICAGO, ILLINOIS, April 2, 2021 – Tricap Residential Group, an owner and operator of multifamily communities, has purchased Cross Creek Villas in Chattanooga, Tennessee. Kirkland Company represented the seller in the transaction.
This purchase adds another 232 apartments to Tricap’s Tennessee portfolio, increasing its total portfolio to over 3,000 apartments. Tricap entered the Tennessee market in 2015, and this acquisition is the fourth. Tricap will execute a light renovation program to the unit interiors and focused upgrades to the common areas/amenities to generate strong rental premiums. Tricap will rename the asset under its Haven brand. The deal exemplifies Tricap’s strategy to provide high-quality, affordable housing to its residents and long-term value creation for its investors and partners.
Chattanooga is the fourth-largest city in Tennessee and home to a diverse population and a broad-based economy that has seen significant growth since the Great Recession. Chattanooga’s considerable investment in a new fiber-optic network, business-friendly environment, and high quality of living are driving factors for major employers’ continued expansion of their presence in the metro area and future solid population growth. Both Volkswagen and Amazon have announced plans to expand their operations in the city and add over 1000 jobs.
“We are excited to expand our portfolio in Tennessee. The deal exemplifies Tricap’s strategy of value-add and core-plus acquisitions in Midwest and Southeastern markets,” stated Joe Palomino, President of Operations at Tricap.
About Tricap Residential Group:
Our company, at its core, is a real estate execution firm. We are finding opportunities, creating a vision of where we want to take that opportunity, and driving the deal’s execution. Headquartered in Chicago, Tricap develops, owns, and manages communities across six markets. For more information, visit www.tricapres.com.
Suzanne Hopson, EVP of Sales & Marketing, (312) 878–5177, firstname.lastname@example.org