Investment Highlights
Generationally Owned Asset
Mountainview Villas has been owned by the same family for 15+ years with an emphasis on keeping occupancy high, rarely dropping below 97%.
Well Maintained with Renovated Interiors
Current ownership has been using cash flow from operations to maintain the exteriors/landscaping and renovate unit interiors with LVT flooring, black appliances, painted cabinets, new fixtures and hardware, and resurfaced countertops. Current ownership has spent $534,296 on Capital Expenses since the beginning of 2019.
Below Market Rent:
Mountainview Villas sits $140+ below market rent of nearby assets allowing new ownership the potential to increase NOI through rent increases. Submarket rents are anticipated to grow by over 6.2% year-over-year in 2022 and 4.6% in 2023 according to CoStar projections.
Highly Ranked School System
According to Greatschools.org, zoned Lake Ridge Elementary ranks 10 out of 10, Indian Trail Intermediate ranks 9 out of 10, Liberty Bell Middle ranks 9 out of 10, and Science Hill High ranks 8 out of 10 on test scores. Within the Johnson City School District itself, many of the other schools are ranked 7 or higher out of 10.
Accessibility to Johnson City Demand Drivers
- Johnson City Medical Center: 445 Beds – Top 10 regionally ranked hospital (U.S. News & World Report) and a Top 100 National Heart Hospital (Solucient).
- Mall of Johnson City: Approximately 1,200 jobs and 534,873 SF, anchored by HomeGoods, Dick’s Sporting Goods, and Belk
- Johnson City Crossing: 343,935 SF, anchored by Michael’s, Bed Bath & Beyond, & Petsmart
- Franklin Woods Community Hospital: 80 Beds – 240,000 SF facility and Tennessee’s only five-star hospital (Becker’s Hospital Review)
- Proximity to the Fourth Largest University in the State: East Tennessee State University has 15,250 students enrolled with plans to increase enrollment to 18,000 by 2025. With 80% of its students living off-campus, the increased enrollment will provide steady demand to the area’s rental market.
- Tri-Cities: The Tri-Cities (Bristol, Johnson City, and Kingsport) have a total population of 512,723 people. Residents of Johnson City are within 45 minutes from the Tri-Cities’ 221,000 jobs (U.S. Bureau of Labor Statistics). This CSA is the fifth-largest in Tennessee, among which Johnson City is the largest city. The largest sectors within these areas include Healthcare & Social Assistance, Manufacturing, and Retail.
Our Mountainview Villas Team
Dennis is originally from Chattanooga, TN and attended the University of Tennessee where he majored in Business Administration and Finance. He has been a Broker with TKC since 2008 and enjoys interacting with and learning from clients of different backgrounds across the globe. He also loves the competition within the industry.
Miller is originally from Nashville, TN and attended the University of North Carolina at Chapel Hill where he studied Economics. He has been a Broker with TKC since 2007 covering the Tennessee market.
William is originally from Jackson, TN and attended the University of Tennessee majoring in College Scholars. William founded The Kirkland Company in 2007 and enjoys learning from clients and studying other entrepreneurs.
Zac has called Los Angeles, CA Atlanta, GA and Nashville, TN home at one point or another. He attended the University of Tennessee where he majored in Marketing with a minor in Entrepreneurship. He started at TKC as an intern but has been a Broker since 2018. He loves the competitiveness of the business and getting to sell a product that he believes in.
