Luxury Collegedale apartments sold for $31.7 million

Luxury Collegedale apartments sold for $31.7 million

August 15th, 2014 by Alex Green in Business Around the Region

Construction is underway at Integra Hills Luxury Apartments complex in this file photo.

Photo by Laura McNutt/Times Free Press.

One of Collegedale's biggest apartment complexes has a new owner as it continues to add more units.

Integra Hills Luxury Apartments, a 300-plus unit complex of one- to three-bedroom units, was bought last week by Panther Chattanooga/Preserves LLC for $31.7 million. Lake Mary, Fla.-based Integra Land Co., which began construction of the facility on Little Debbie Parkway in 2011, had $19 million in the development prior to the sale.

The new owners have been managing Integra Hills for eight months. They are inheriting the facility as it gears up to expand its size by more than 60 percent.

Leslye Alba, leasing specialist at Integra Hills, said 218 more apartment units are in the works. The expansion is expected to be finished and move-in ready in about a year.

She said for the most part, floor plans will be similar and there will be minor tweaking in amenities, like the addition of stainless steel appliances and granite countertops. Day-to-day operations and management will not change much under the new ownership, Alba added.

She said the transition from Integra Land Development to Panther Chattanooga has been smooth.

"We love them," she said.

More information about the apartment complex is available at www.integrahills.com.

Contact staff writer Alex Green at agreen@timesfreepress.com or 423-757-6480.