Western Wealth Capital Buys Tennessee Apartments
The 192-unit portfolio acquisition changes ownership for renters in Chattanooga and Goodlettsville.
Updated on Oct. 26, 2026 in Real Estate — General
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Western Wealth Capital and FSO Capital Partners have acquired a 192-unit apartment portfolio in Tennessee for $20,725,000. The purchase includes communities in Chattanooga and Goodlettsville, both of which operate under Section 42 LIHTC Land Use Restriction Agreements.
Why it matters
This transaction highlights the continued investment interest in affordable housing markets near major hubs like Nashville and Chattanooga. The partners are diversifying their strategy to include assets with returns beyond traditional value-add properties.
The 192-unit portfolio consists of the 108-unit River City North, built in 2007, and the 84-unit Meadow Creek, built in 2003. Financing for River City North includes an $8.47 million loan at 6.17 percent, while Meadow Creek includes an assumed $7.79 million mortgage at 4.60 percent.
The players
Western Wealth Capital
An investment firm specializing in multifamily real estate that has completed 131 acquisitions.
FSO Capital Partners
A private investment partner that collaborated on the acquisition of the Tennessee portfolio.
CBRE
A global commercial real estate services and investment firm that brokered the transaction.
Northmarq
A capital markets company that arranged the financing for the property portfolio.
The details
The acquisition involved complex financing structures, including a new loan for one property and the assumption of an existing mortgage for the other. Both properties are subject to Section 42 Low-Income Housing Tax Credit (LIHTC) Land Use Restriction Agreements, which impose specific income and rent requirements. The deal was brokered by CBRE, with financing arranged by Northmarq to align with the partners' shift in investment strategy.
Timeline
Meadow Creek was constructed in 2003.
River City North was constructed in 2007.
The acquisition of both properties closed on October 26, 2026.
The Home Front
This acquisition follows the regulatory constraints established by the Section 42 LIHTC Land Use Restriction Agreements. These agreements ensure that the acquired properties maintain specific affordability requirements for renters in these markets.
Current residents of these properties should keep their existing lease documentation and income verification records handy as new management takes over. Tenants can contact the property management office to verify if any administrative changes will affect their current rental agreements.
The takeaway
The acquisition of these 192 units signals that investors continue to prioritize established LIHTC properties near growing economic hubs. Residents should verify their lease terms and ensure they have a copy of all current housing agreements stored safely in their personal records.
Further reading
Learn more about local property trends in Tennessee Real Estate — General.
Source note: This article includes information reported by Chattanoogan.
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