3300 Boones Creek Village Ct - Apartments FOR SALE


Jonesborough, TN 37659
$16,500,000 USD
714-875-2400
3300 Boones Creek Village Ct, Jonesborough, TN for Sale
$16,500,000 USD
Apartments - FOR SALE
1/18
null | 5.54% Cap Rate

3300 Boones Creek Village Ct
Jonesborough, TN 37659


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
  • Effective On-Site Management in Place
  • No Deferred Maintenance
  • Excellent unit mix featuring a variety of spacious floorplans, providing broad appeal across multiple renter demographics and supporting occupancy

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$16,500,000 USD

PRICE/SF

$188 USD /SF

# OF UNITS

89

PRICE/UNIT

$185,393

CAP RATE

5.54%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Boones Creek Village Townhomes

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

PARKING SPACES

124

LAND DETAILS

LAND ACRES

6.86 AC

LAND SF

298,822 SF

ZONING

-

APN/PARCEL ID

044-065.02,044-065.03,044-065.04,044-065.04-001

ASK ABOUT THIS PROPERTY

Paul MatusikPrime Net LeaseMore Info
714-875-2400

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Paul MatusikPrime Net LeaseMore Info
714-875-2400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.