Real Estate

Success Through Service

Equally committed to the comfort of our residents and to  the trust of our investors.

What We Do

Clean, Safe, Affordable Housing

Our communities provide work force and middle class housing that is modern, comfortable and affordable.   

Generational Wealth Creation

With a conservative long term approach our investors can experience wealth creation in an asset class with historically minimal risk.


We like Tennessee


  • Chattanooga has the fourth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Charlotte. (as of Q4 2018)
  • On an annualized basis through 2019 and 2020, asking and effective rents are anticipated to climb by 3.4% and 3.5%, respectively, to finish 2020 at $888 and $841.
  • State unemployment rate ended 2018 at 3.3%. 
  • Knoxville unemployment rate is 2.9% as of February 2019.
  • Washington County's  (includes Johnson City) population is 126,437 people. Since 2010, it has had a population growth of 5.57%.
  • Forbes Lists Tennessee #12 Best States for Business.
  • Northeast Tennessee’s population grew to 1.5 million in 2018, an 0.6% increase from 2017.

The Apartment advantage

An Asset Like No Other


  • Apartments are a stable asset class, less affected by swings in the greater economy
  • Improved economies of scale over single family rentals
  • Reliable cash flow
  • Tax advantages over other investments
  • Forced appreciation: improving the performance directly impacts the value of the property
  • Non recourse lending:  the property is the collateral, no personal guarantee required
  • Inflation Hedge: real estate value and inflation tend to rise in correlation
  • Professional management means your investment remains passive





Our preferred markets are middle and eastern Tennessee with an emphasis on Chattanooga, Knoxville and the Tri-cities area. 



Our focus is to acquire 75-200 unit “mom and pop” B or C class multi-family properties with value add opportunities.



Long term hold investing for cash flow, while being responsive to the market for exit potential. Maximizing returns through forced appreciation, accelerated depreciation and effective third party management.

property portfolio

Single Family Homes


Fully rehabbed affordable housing in one of the most stable cash flowing markets in America. 

Beech Grove, Indiana


 Stabilized C-class apartments with professional 3rd party management.

Johnson City, Tennessee


 62 Unit repositioning project in Johnson City, Tennessee.  

Chattanooga, Tennessee


42 unit value add opportunity in East Ridge outside of Chattanooga, Tennessee

Jonesborough Tennessee Historic Renovation


  Historic renovation in Jonesborough Tennessee.  We'll update the interior while preserving the historic exterior.

We Buy Apartments

Do you have an apartment complex to sell?

Currently we are focused on building our apartment portfolio in Central and Eastern Tennessee.  If you have a complex that is 25 units or more we'd love to hear from you.

About us


Greg and Kim Scully

Kim was born and raised in Alaska.  Greg arrived as a child 40 years ago when his father pursued employment with the Tans-Alaska Pipeline.  

They owned and operated a small business in their home town of Palmer before focusing on real estate investing.  Part of the attraction of real estate for them is its flexibility: to live where you want and invest where the numbers make sense.

Invest with Us

Learn about future opportunities.

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Magpie Ventures Incorporated

Po Box 4381, Palmer, AK 99645

(907) 354-8719