Boone's Creek Village + Plans for 15 additional units
Multifamily | 89 Units | $185,393/unit
Marketing description
Boone's Creek Village Apartments is a relatively new 89-unit multifamily community strategically located within the highly desirable Boone's Creek corridor of Jonesborough, Tennessee. In addition to the existing apartment community, the property offers a compelling value-add opportunity through approved in-place plans for the development of an additional 15 units, allowing a future owner to increase density, revenue, and overall asset value without the entitlement risks commonly associated with new development.
Situated within the rapidly growing Johnson City MSA, the property benefits from strong population growth, expanding employment opportunities, and increasing housing demand throughout Northeast Tennessee. The Boone's Creek corridor has emerged as one of the region's most sought-after residential and commercial submarkets, attracting significant investment from both developers and national retailers.
The property's location provides residents with convenient access to Interstate 26, downtown Johnson City, downtown Jonesborough, and the region's largest employment centers. Major economic drivers include East Tennessee State University, Ballad Health, and the James H. Quillen VA Medical Center, collectively supporting thousands of jobs throughout the market.
Jonesborough and the surrounding Washington County area continue to experience strong residential growth fueled by in-migration, a favorable business climate, no state income tax, and a cost of living significantly below the national average. The Boone's Creek submarket is particularly attractive due to its above-average household incomes, high quality of life, excellent schools, and proximity to major retail and healthcare amenities.
Boone's Creek Village Apartments offers investors the rare combination of a stabilized, newer construction asset with an embedded expansion opportunity. The ability to add 15 additional units provides a clear path to future NOI growth while leveraging existing infrastructure and operational efficiencies. As housing demand continues to outpace supply in the Tri-Cities region, the property is well-positioned to benefit from rising rents, continued population growth, and long-term appreciation. Aerial Marketing/Video link https://vimeo.com/1202757388?share=copy&fl=sv&fe=ci
Investment highlights
- Newer construction 89-unit multifamily community completed in 2011
- Maintained approximately 98% occupancy since initial lease-up, demonstrating strong tenant demand and market acceptance
- Approved plans for an additional 15 units, providing a clear pathway for future revenue growth and value creation
- Excellent unit mix featuring a variety of spacious floorplans, providing broad appeal across multiple renter demographics and supporting long-term occupancy stability
- Attractive floorplan mix ranging from single-level residences with attached garages to spacious three-story townhome-style units with ground-level garage access, offering residents a variety of housing options rarely found within a single community
- Located in the rapidly expanding Boones Creek corridor between Johnson City and Jonesborough
- Positioned within the Tri-Cities region, one of Tennessee's fastest-growing and most desirable housing markets
- Strong renter demand supported by population growth, in-migration, and a diversified employment base
- Modern construction minimizes capital expenditure requirements and deferred maintenance concerns
- Opportunity to increase rental income through continued market rent growth and future expansion
- Minutes from Interstate 26, providing convenient access to Johnson City, Kingsport, Bristol, and Asheville
- Close proximity to major employers, healthcare facilities, educational institutions, and retail amenities
- Located near major regional employment drivers including Ballad Health and East Tennessee State University
- Professionally designed community offering residents a high-quality suburban living environment
- Strong barriers to entry due to rising land, labor, and construction costs
- Tennessee's business-friendly climate and absence of state income tax continue to attract residents and employers
- Effective On-Site Management in Place
- No Deferred Maintenance.
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