Western Wealth Capital Buys 192-Unit LIHTC Portfolio for $20.7M

Western Wealth Capital acquired a 192-unit affordable housing portfolio in Tennessee for $20,725,000. The "Tennessee Two-Pack" includes River City North at 3825 Hixson Pike in Chattanooga and Meadow Creek at 919 S. Dickerson Pike in Goodlettsville. The deal closed in October 2026 and marks the firm's 131st acquisition. All 192 units are income-restricted.

River City North has 108 units across four buildings, built in 2007, averaging 1,074 square feet in two- and three-bedroom plans. Meadow Creek has 84 units across eight buildings, built in 2003, averaging 1,063 square feet in the same layouts. Both operate under Section 42 LIHTC Land Use Restriction Agreements. River City North also holds a Project-Based Section 8 contract with the Chattanooga Housing Authority covering 28 units.

River City North was financed with an $8.47 million loan at 6.17% fixed with five years of interest-only payments. WWC assumed Meadow Creek's existing $7.79 million mortgage at a 4.60% blended rate. Brian Mumaw and Brian Liu of Northmarq arranged the financing; Taylor Froland of CBRE brokered the deal.

Belveron Partners had held the portfolio since 2021 alongside the Vue at Ridge Way in Knoxville.