Leesburg, VA (PRWEB) April 18, 2016 -- Militello Capital, a greater Washington, DC private equity firm, is pleased to announce the acquisition of Riverview Grande apartments, a 269-unit multi-family apartment community located in the Northshore submarket of Chattanooga, Tennessee. The acquisition marks Militello Capital’s tenth multi-family investment completed through its joint venture with QR Capital, an Atlanta-based real estate investment firm. Riverview Grande was acquired for $24.75 million, with capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their High Net Worth clients.
“Chattanooga embodies what we look for in a real estate market: population growth driven by a diverse economy combined with built-in supply constraints,” said Matt Brady, Co-Founder and Chief Operating Officer of Militello Capital. “This investment, our first in Chattanooga and our third in the state of Tennessee, is consistent with our real estate strategy and is a perfect addition to our portfolio of income-producing properties.”
The Property was built in phases between 1964 and 1972 and consists of spacious two and three-bedroom units. Because of its proximity to downtown Chattanooga, the expanding Northshore commercial district and the University of Tennessee - Chattanooga, the Property attracts a good mixture of young professionals, families and students.
“The Property’s location in the vibrant Northshore market, combined with our planned renovations that are focused on enhancing the property's curb appeal and interior finishes, will allow us to attract residents looking for a nice community with close proximity to the expanding downtown Central Business District," said Daniel Malino, Principal of QR Capital.
Militello Capital
Militello Capital is a private equity firm founded by RIAs for RIAs. We provide educational tools, technology and investments in the real economy to elevate advisors' businesses and modernize their clients' portfolios.
QR Capital
QR Capital is an Atlanta-based real estate investment and operating company focused on the acquisition and operation of apartment and student housing communities. The firm focuses on income-producing opportunities in thriving southeastern markets. Since 2009, QR Capital has acquired 28 properties consisting of over 5,000 apartment units.
The information contained herein should not be construed as personalized investment advice. Investing in real estate investments involves a high degree of risk and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. The reader should not assume that investments in the company highlighted above were or will be profitable. Militello Capital funds are only available to accredited investors.
Abby Zehala, Militello Capital, http://militellocapital.com/, +1 (703) 348-0156, [email protected]
SOURCE Militello Capital
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