• Location: 5317 Tennessee Highway 58, Chattanooga, TN 37416

• Project Type: Rebuild

• Units: 48 Apartments

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• Project Cost: $1.6MM

• Exit Proceeds: $2.6MM

• Net IRR: 33%

• Financing: Debt financing was provided locally by Alliance National Bank.

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• Other Details: When ViaNova Development purchased the property, it was an abandoned, foreclosed property known as the Spanish Villa Apartments and was filled with squatters. ViaNova enacted a plan to tear down the 3-buildings of the complex down to studs and then complete a 100% rebuild. The 48 units were rebuilt in 42 days. The renovation brought back to life a rare, livable Class C apartment community in the city of Hixson, just minutes away from Chattanooga's Volkswagen Assembly Plant and Amazon's Regional Distribution Center.