Chicago-based Blue Vista Capital Partners, in partnership with Standifer Capital, has acquired the 88-unit Stoneybrook Heights Apartments complex in Johnson City, TN. This investment marks Blue Vista’s seventh acquisition in the East Tennessee market.
The 11 two-story buildings plus single story leasing office were built as affordable housing through the LIHTC program back in 1998 and will become a full market rate property by mid 2021. Currently 45 percent of units are renting at market rate. The average unit size is 1,032 SF and consists of 28 two-bedroom units; 40 three bedroom units; 20 four bedroom units with amenities including a clubhouse and green space for pets located within Tri Cities which encompasses Johnson City Kingsport & Bristol .
