Ooltewah apartment complex sells for $41 million

The rise of rentals

› Legends at White Oak in Ooltewah sold for $41.8 million in September 2016.› Amberleigh Ridge Apartments on East Brainerd Road sold for $33.7 million in March, 2013› Integra Hills Apartments on Little Debbie Parkway in Collegedale, sold for $31.7 million in August, 2014› Carriage Parc Apartment Homes on Gunbarrel Road sold for $29.3 million in December, 2014› Shallowford Apartments on Shallowford Road in East Brainerd sold for $23.45 million in October, 2014› The District at Hamilton, a 300-unit apartment complex at 1920 Gunbbarel Road, was sold in August, 2016 for $21.2 million› The Reserve at Creekside Village Apartments on Reserve Way sold for $18.9 million for March, 2014› Mountain Ridge Apartments on Mountain Creek Road sold for $14.4 million in September, 2014

A Fort Worth, Texas-based investment firm bought one of Hamilton County's biggest apartment complexes this week for $41.8 million - the highest price ever paid for an apartment complex in Hamilton County and another sign of investor interest in Chattanooga's rental market.

Olympus Property, a real estate company that manages more than 12,000 residential rental units across eight states, paid the equivalent of nearly $134,000 per apartment to acquire the 312-unit Legends at White Oak. The 21-acre complex was built last year at the foot of White Oak Mountain along Ooltewah-Georgetown Road just a short walk from Cambridge Square in Ooltewah.

The sale is the latest among more than $250 million of apartment complex sales in the Chattanooga market over the past three years to out-of-town investment companies. As employment and rental rates have increased in Chattanooga, apartment properties have attracted more attention from investors.

"We are thrilled to be expanding our Tennessee portfolio in Chattanooga, a beautiful town attracting employers and families from across the nation," said Anthony Wonderly, principal of Olympus Property.

Wonderly said the Legends at White Oak is within five miles of major, growing employers like Volkswagen and Amazon in the Enterprise South Industrial Park and only a 15-minute drive from downtown Chattanooga, at least during non-rush hour periods of the day.

The gated community of apartments includes one-, two- and three-bedroom and its location in Ooltewah makes it attractive to families with school-age children.

"In addition to being an incredibly attractive asset, Legends at White Oak is perfectly situated near major job drivers within one of the best public school districts in Chattanooga," said Ruyi Li, acquisitions manager for Olympus Property.

The apartments feature expresso cabinets and granite countertops and sunrooms and patios in some units. The gated community includes a swimming pool, two ponds stocked with fish, a salt water swimming pool, a poolside cabana with a fire pit, car wash and auto detail station, a 24-hour fitness gym, a pet spa and walking trails.

The Ooltewah apartments were developed by Belle Investment Co. of Knoxville, which recently paid $2 million to acquire just over an acre of land at 13th Street and Cowart Street in downtown Chattanooga. That site is targeted for a 160-unit apartment complex, according Capston Apartment Partners' marketing director Desiree Rogers.

Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340.

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