1920 Bowater Dr Drive, Kingsport, TN 37660

Property Description

Unpriced SVN | Wood Properties is pleased to exclusively present the opportunity to acquire Bristol Square and Bridgewater Retreat, a 197-unit multifamily portfolio located in Bristol and Kingsport, Tennessee. Bristol Square, a 97-unit community built in 1970, has benefited from approximately $1.2 million in recent capital improvements. Renovations include upgraded interior hallways, new LED lighting, signage, enhanced security cameras, and refreshed laundry facilities. Nearly all units have received kitchen and bathroom updates, with new flooring and appliances in 85% of units. The property also features a comprehensive water conservation program, lowering utility expenses while enhancing sustainability. Bridgewater Retreat, a 100-unit community built in 1971, has received $750,000 in capital improvements under current ownership. Upgrades include a new playground and dog park, renovated office and interior hallways, new signage, upgraded mailboxes, and improved laundry facilities. Like Bristol Square, nearly all units have updated kitchens and bathrooms, along with flooring and appliances in 85% of units. The portfolio offers an attractive unit mix, with more than 75% of units comprised of two- and three-bedroom floor plans—a layout profile that continues to align with the strongest renter demand in the Tri-Cities region. Current occupancy is 95.43%, with average in-place rents of $1,049 with the average market rent of $1,212. Strategically positioned in the Tri-Cities region of Northeast Tennessee—home to nearly 600,000 residents—the portfolio benefits from a diverse and resilient economic base anchored by Ballad Health, Eastman Chemical Company, East Tennessee State University, KVAT Food Stores, and VA Mountain Home Healthcare, among others. The Tri-Cities region is also a hub for tourism and entertainment, anchored by Bristol Motor Speedway, the Tri-Cities Airport, and the newly opened Hard Rock Hotel & Casino Bristol. Located just across State Street from Bristol Square, the Hard Rock features 303 hotel rooms, 1,500+ slots, 75 table games, multiple dining venues, and a 2,000-seat entertainment space, creating a transformational catalyst for regional visitation and demand. This offering represents a rare opportunity to acquire a stabilized, cash-flowing multifamily portfolio in a region with expanding demand drivers, limited new supply, and durable long-term fundamentals. With nearly $2 million of recent capital improvements already completed and a unit mix geared toward family renters, Bristol Square and Bridgewater Retreat are ideally positioned to deliver immediate income with long-term upside for investors seeking scale in East Tennessee. Call for offers date is October 17th, 2025.