Some of the new housing around the University of Tennessee at Chattanooga, where an array of apartments has gone up in recent years, could change hands.
The Edge Chattanooga at 422 Vine St. is a 33-unit, five-story structure that's on the market for $6.5 million, according to commercial real estate broker Four Point Investment Sales Partners.
The company cites the property's location on a corner just off of UTC's campus, and "best-in-market interior finishes and community amenities."
The Edge is termed a boutique student housing property located in an Opportunity Zone, which allows future investors and developers to take advantage of a federal program to improve surrounding communities.
ABOUT THE SITE
* What: The Edge Chattanooga apartments* Location: 422 Vine St.* Units: 33* Rent-range: $689-$778 per occupant, per month. (Studios: $999 per month).* Sales price: $6.5 million* For more information: Four Point Investment Sales Partners, 212-448-3285
Built in 2016, The Edge offers modern interior finishes, premium appliances including washers and dryers in every unit, hardwood-style plank flooring, and custom cabinetry, according to the brokerage company. Also, the property has an outdoor courtyard featuring a fire pit.
Despite the coronavirus pandemic, The Edge leased to 97% occupancy for the 2020/2021 academic year without lowering rental rates or offering concessions, the company said.