Marcus & Millichap Brokers $3.6M Sale of Affordable Community in Tennessee

EAST RIDGE, Tenn. — Marcus & Millichap has arranged the sale of East Ridge Residence, a 137,633-square-foot affordable seniors housing community in East Ridge, a suburb of Chattanooga. 

Richard Lynn represented the buyer and seller, both investment partnerships, in the sale. The price was $3.6 million. Joseph McKibben assisted in closing the transaction as the broker of record in Tennessee.

East Ridge Residence is a 136-unit independent living facility featuring a 10,000-square-foot convention hall. Originally a hotel, the property was converted in 2008 to senior living.