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Chicago Investment Firm Buys East TN Multifamily
Chicago-based Blue Vista Capital Partners, in partnership with Standifer Capital, has acquired 88-unit Stoneybrook Heights Apartments in Johnson City, TN. This investment marks Blue Vista’s seventh acquisition in the East Tennessee market.
The 11 two-story buildings plus the single story leasing office in the Stoneybrook Heights complex were built in 1998 as affordable housing through the LIHTC program. It will become a full market rate property in the second half of next year. Currently 45 percent of the units are renting at market rate.
The average unit size is 1,032 SF and the unit mix consists of 28 two-bedroom, 40 three-bedroom, and 20 four-bedroom units. Property amenities include a clubhouse and green space for pets.
The property is located within Tri-Cities, which encompasses Johnson City, Kingsport, and Bristol.
- ◦Sale/Acquisition

