Berkadia Completes the Sale of Summer Chase I & II in Johnson City, Tennessee
BIRMINGHAM, AL and CHATTANOOGA, TN – January 19, 2024 – Berkadia announced today the sale of Summer Chase I & II, a 161-unit, garden-style property located in Johnson City, Tennessee. Senior Director David Wilson of Berkadia Birmingham and Director Tyler Hogan of Berkadia Chattanooga led the sale on behalf of the seller, 3MC Partners. The property was acquired by ValCap Group and the deal closed on January 12.
“Every transaction our team works on is unique, and the sale of Summer Chase I & II was no exception,” said Hogan. “David Wilson and I diligently navigated through various challenges to successfully execute this transaction, benefiting both the seller and buyer. 3MC Capital Partners were able to implement their business plan while also leaving ample potential for the future owner of the properties. Valcap, with their proven track record in the Tri-Cities, is poised to commence their successful value-add program.”.
“The sale of the Summer Chase portfolio led by Tyler Hogan and his team at Berkadia was a uniquely smooth and pleasant transaction resulting in a rare win-win in today’s market for the seller and buyer,” said Matt Davis of 3MC Capital.
“The acquisition of Summer Chase marks ValCap’s 8th asset in the Tri-Cities region and further strengthens our presence in this thriving market,” said Nick Trajcevski of ValCap. “We are proud to continue our expansion here and incredibly thankful for our great team that made it happen. Special thanks to Tyler Hogan at Berkadia for facilitating a smooth transaction. We look forward to working together again on more deals in the future.”
Located at 1811 W Lakeview Drive and 2003 Pleasant View Drive, the property affords convenient access to East Tennessee State University and Johnson City Medical Center, the major employers in the area. Summer Chase was completed in phases from 1983, 1996, and 2008 and features 161-units on 20.9 acres.