Hixson’s Marina Pointe Apartments sells for $44.5 million as buyers bid up values for rental homes

A countrywide real estate financial commitment corporation has procured a person of the major condominium complexes in Hixson for nearly two times as a great deal as what the facility marketed for just 7 several years in the past as outside the house investors keep on to bid up the rate of multi-family housing in Chattanooga.

A authentic estate enterprise established by Cash Square Acquisitions LLC in Glen Allen, Virginia acquired the 308-unit Marina Pointe Flats earlier this week for $44.5 million. The buy rate was just about double the $23.2 million compensated for the similar property in 2013 by the Miami-primarily based BC Assets Make investments LLC.

The gross sales value is the second-greatest selling price compensated for a Chattanooga apartment elaborate, driving only the $63.1 million sale in March of the Blue Chook Residences powering the Chattanooga Choo Choo in downtown Chattanooga. In the past 4 many years, nearly $500 million of area condominium complexes have been acquired or designed by outside investment companies in Hamilton County.

“We continue on to see a good deal of action and desire in the nearby condominium and housing markets, which reflects the fairly powerful occupation current market we have in Chattanooga and the ongoing development in the county,” Hamilton County Register of Deeds Marc Gravitt mentioned Friday.

Chattanooga’s suburban apartments keep on to entice the major share of these investments. Last yr, eight of the 10 most important true estate product sales had been of suburban apartments and sales of multi-family members housing complexes collectively totaled a lot more than $200 million.

Marina Pointe Apartments on Lake Vacation resort Generate in close proximity to Chickamauga Lake have been built in 2001 and include things like a person-, two- and a few-bedroom models currently renting from $885 for a a person-bedroom condominium up to 1,420 for a 3-bedroom unit. The condominium elaborate is now about 98% leased, according to the new supervisor of the facility.

The apartment functions had been taken around this week by BH Administration Companies Inc., headquartered in Des Moines, Iowa. The full complex has 309,974 sq. toes of structures and consists of a swimming pool, fitness heart and pet park.

Cash Square, established in 2012, has finished extra than $2 billion of multi-household housing transactions, according to the firm’s website site. Capital Sq. is amid almost a dozen big countrywide actual estate investment decision corporations that have purchased condominium complexes in Chattanooga in the earlier five decades.

Speak to Dave Flessner at [email protected] or at 757-6340