Investment Highlights

Bristol Square Capital Improvements: Current ownership has spent approximately $1.2 million renovating Bristol Square. Improvements to common areas include interior hallways, LED lighting, new signage, new camera/security system, and laundry room flooring. Improvements to the interiors include kitchen doors, drawer fronts, countertops, hardware, and bathroom vanities (99% of units), in addition to flooring and appliances (85% of the units). Bristol Square also implemented a water conservation program, installing low flow toilets, aerators, and shower heads in all the units.

Bridgewater Retreat Capital Improvements: Current ownership has spent approximately $750,000 renovating Bridgewater Retreat. Improvements to common areas include a new playground and dog park, new mailboxes, renovated office and interior hallways, new flooring in laundry room, new signage, and new camera/security system. Improvements to the interiors include kitchen doors, drawer fronts, countertops, hardware, and bathroom vanities (99% of units), in addition to flooring and appliances (85% of the units). Bristol Square also implemented a water conservation program, installing low flow toilets, aerators, and shower heads in all the units.

Attractive Unit Mix: Over 75% of the offering’s 197 combined units are 2BD or 3BD floor plans. 89 of Bristol Square’s 97 units are either 2BD or 3BD floor plans, while 60 of Bridgewater Retreat’s 100 units are 2BD or 3BD floor plans.

New Bristol Hard Rock Hotel & Casino: This facility, slated to open in the Fall of 2024, will have a 303-room hotel, 1,500+ slots, 75 table games, new dining venues, and a 2,000-seat indoor entertainment venue. The casino is located on the other side of W State Street, within walking distance of Bristol Square.

Tri-Cities Region: The Tri-Cities, referring to Johnson City, Kingsport, and Bristol, is a 9-county region in East Tennessee with a population of 592,933, located roughly 100 miles northeast of Knoxville. Major demand drivers in the region include:

  • Ballad Health – 13,800 jobs (29-county region) & 2,047 beds
  • KVAT Food Stores HQ – 6,700 jobs
  • Eastman Chemical Company HQ – 6,500 jobs
  • VA Mountain Home Healthcare – 3,000 jobs (41-county area)
  • Advanced Call Center Technologies – 2,650 jobs
  • East Tennessee State University – 2,400 jobs & 13,738 enrollment
  • Mall at Johnson City – 518,500 SF;JCPenney, Belk, HomeGoods, Dick’s
  • Johnson City Crossing – 323,942 SF;Ross, PetSmart, Home Depot
  • Tri-Cities Airport – Allegiant, AA, Delta
  • Bristol Motor Speedway – World-famous NASCAR track 

Tri-Cities Investment: Recent investments into the Tri-Cities region include:

  • Citigroup – $23 million, 48,000 SF facility in Washington County
  • PVS Plastics Technology Corp is developing a $6.9 million, 54,000 SF facility that is anticipated to bring 50 jobs to the area
  • Hull Property Group is investing significant capital in Fort Henry Mall (Kingsport), including construction of a 7,000 SF IMAX theater, new Rural King (expected opening in 2025), and three additional restaurants
  • Address:
    104 Stafford Street (Bristol), 1920 Bowater Drive (Bridgewater)
  • City, State:
    Bristol & Kingsport, Tennessee
  • County:
    Sullivan
  • Year Built:
    1970-71
  • Units:
    197
  • Acreage:
    17.9
  • Average Asking Rent:
    $1,165
  • Average Unit SF:
    765