TruAmerica Multifamily enters Chattanooga, Tenn., market

TruAmerica Multifamily has acquired Ridgemont at Stringers Ridge, a 226-unit multifamily community in Chattanooga, Tenn.

Ridgemont at Stringers Ridge is TruAmerica's first acquisition in Chattanooga and third in Tennessee in the last 10 months. Built in 1988, the property features a mix of one- and two-bedroom apartment homes. The property provides TruAmerica with the opportunity to upgrade both the unit interiors and common areas.

Chattanooga is the fourth largest city in Tennessee and, since 2010, has been the second fastest-growing big city in the state. Chattanooga's low cost of living, diverse economy and growing job market have fueled that phenomenal population growth, buoyed by the steady influx of major companies into the market. Those companies include Cigna, Northwestern Mutual, Tennessee Valley Authority and Erlanger Health System. Employment opportunities have brought a stream of new residents, creating a growing need for quality housing.

"Chattanoog