The biggest real estate sales in Chattanooga in 2021
National investment firms have acquired half a dozen of Hamilton County’s largest apartment complexes for more than $ 30 million each in 2021 to take advantage of rising property values and rental rates on the market. Louis Rogers, founder and CEO of the Glen Allen, Va. Investment group known as Capital Square 1031, organized investment groups that paid more than $ 150 million to acquire three local apartments during the year at an average price of $ 224,128 per apartment unit.
“The city is well known for healthcare, manufacturing, education, technology and tourism and has been named ‘Gig City’ for its 10 gigabits per second fiber-optic internet services,” said Rogers. “These attributes position Chattanooga as the next booming city, similar to Nashville or Austin.”
In the first 11 months of the year, the biggest real estate sales in Hamilton County were all apartment complexes, including:
1. Capital Square 1031, a real estate investment company in Glen Allen, Va., Has purchased the 250 Lullwater at Big Ridge apartments at 6038 Hixson Pike for $ 59.75 million.
2. Capital Square 1031 acquired the 280 Integra Vistas apartments in Hixson for $ 57.2 million.
3. The Dominion Group in Knoxville purchased the 269-unit Riverview Grande apartment complex in North Chattanooga for $ 41.7 million.
4. Capital Square 1031 purchased the 17 Broad apartment complex at 1701 Broad Street downtown for $ 37.5 million.
5. Los Angeles-based TruAmerica Multifamily purchased the 226 Ridgemont at Stringers Ridge apartments from Red Bank for $ 35.7 million.
6. Chicago-based residential group TriCap bought the Cross Creek Villas on Highway 58 for more than $ 30 million and renamed the 232-unit resort to Haven Cross Creek.
Source: Hamilton County Registry of Deeds, Tennessee