Boones Creek Village Townhomes 3300 Boones Creek Village Ct 89 Unit Apartment Building $23,377,366 CAD ($262,667 CAD/Unit) 5.54% Cap Rate Jonesborough, TN 37659

Boone's Creek Village Apartments is a relatively new 89-unit multifamily community strategically located within the highly desirable Boone's Creek corridor of Jonesborough,
Tennessee. In addition to the existing apartment community, the property offers a compelling value-add opportunity through approved in-place plans for the development of an additional 15 units, allowing a future owner to increase density, revenue, and overall asset value without the entitlement risks commonly associated with new development.
Situated within the rapidly growing Johnson City MSA, the property benefits from strong population growth, expanding employment opportunities, and increasing housing demand throughout Northeast Tennessee.
The Boone's Creek corridor has emerged as one of the region's most sought-after residential and commercial submarkets, attracting significant investment from both developers and national retailers. The property's location provides residents with convenient access to Interstate 26, downtown Johnson City, downtown Jonesborough, and the region's largest employment centers. Major economic drivers include East Tennessee State University, Ballad Health, and the James H. Quillen VA Medical Center, collectively supporting thousands of jobs throughout the market.
Jonesborough and the surrounding Washington County area continue to experience strong residential growth fueled by in-migration, a favorable business climate, no state income tax, and a cost of living significantly below the national average. The Boone's Creek submarket is particularly attractive due to its above-average household incomes, high quality of life, excellent schools, and proximity to major retail and healthcare amenities.
Boone's Creek Village Apartments offers investors the rare combination of a stabilized, newer construction asset with an embedded expansion opportunity. The ability to add 15 additional units provides a clear path to future NOI growth while leveraging existing infrastructure and operational efficiencies. As housing demand continues to outpace supply in the Tri-Cities region, the property is well-positioned to benefit from rising rents, continued population growth, and long-term appreciation.