Spring Creek apartments get new owner, upgrade

Spring Creek apartments get new owner, upgrade

September 26th, 2012 by Dave Flessner in Business Around the Region

One of the largest apartment complexes in East Ridge has a new owner and manager and soon will get a new look.

Spring Creek Gardens Apartments, a complex of 128 one- and two-bedroom units, was sold in July for $2.95 million to a real estate partnership known as Spring Creek Gardens Apartments LLC.

The complex, built in 1966, is undergoing a $200,000 upgrade to improve landscaping, install electrical upgrades and put up new signs.

Although the complex near Spring Creek has flooded three times in the past three decades, tenants said they enjoy the location and the upgrades.

"They seem to be improving the place with new shrubs, paint and other improvements," said Carol Bearden, who has rented her $465-a-month apartment for the past two years. "It's a nice, quiet place to live."

In August, Lexington Asset Management of Memphis took over managing the 46-year-old complex across from Parkridge East Hospital on Spring Creek Road.

Lexington already manages four other apartment complexes in the Chattanooga area.

The Spring Creek apartments each rent from $450 to $550 per month. The complex is 94 percent occupied, company officials said.

"The building is conveniently located to all major thoroughfares and shopping areas," Christian Brodin, president of Lexington Asset Management, said in a statement.

Lexington Asset Management manages 3,018 apartment units in six states, including five properties in Chattanooga with a total of 848 units.