Windgate Apartments
22-Unit Value-Add Multifamily Investment Opportunity in Chattanooga, TN
Marketing description
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/301681/windgate-apartments
Marcus & Millichap has been selected to exclusively market for sale Windgate Apartments, a 22‑unit multifamily property located in Hixson, a core Chattanooga submarket. This offering provides investors the opportunity to acquire a value‑add asset with proximity to major employment, retail corridors, and downtown Chattanooga.
Built in 1988 on a 1.25‑acre site, Windgate Apartments features a unit mix dominated by one‑bedroom residences and has benefited from recent capital improvements, including a full roof replacement in 2025. Eleven units have been renovated, with six completed within the past 18 months, creating a clear path for continued interior upgrades and rental growth. The property is individually metered for electric, includes utility reimbursement for water, sewer, and trash, and is constructed with durable features such as slab foundations, PVC plumbing, and copper wiring, supporting stable operations and long‑term ownership.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Windgate Apartments.
Investment highlights
- Well‑located 22‑unit multifamily asset in Hixson, a core Chattanooga submarket, offering access to major employment centers, retail corridors, and downtown Chattanooga while benefiting from a strong residential renter base
- Built in 1988 and situated on a 1.25‑acre site with garden‑style construction
- Roofs were replaced in 2025, materially reducing near‑term capital requirements
- 11 units have been renovated, including 6 completed within the past 18 months, providing an immediate value‑add runway through continued interior upgrades
- Majority of units feature stainless steel appliances
- Unit mix consists of 2 studios, 16 one‑bedroom one‑bath units, and 4 two‑bedroom two‑bath units, supporting broad renter appeal
- All buildings are constructed on concrete slab foundations
- All units include washer and dryer connections, excluding the two studio apartments
- Individually metered for electric, with water, sewer, and trash master metered and recovered through a $50 monthly utility reimbursement
- Trash service provided by Republic Services
- PVC plumbing and copper wiring throughout the property
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