The Cove at Northshore (previously Silver Creek) is a 83 unit two-story apartment complex located in Chattanooga, Tennessee. The property includes 9 buildings a common area building and a large pool. It was purchased for $2,575,000 in January 2013. At $31,000 a unit or $33 per square foot it is a 64% discount to replacement cost of $92 per square foot. FVP renovated 2 empty units prior to closing and intends to renovate all 83 units with a Cap-Ex budget currently at approximately $450,000. The goal is to increase rents, stabilize after renovation and keep it for 5-10 years subject to market conditions.
