The Chalet at Northshore Apartments in Red Bank were sold for $4.8 million last week. The Chalet apartments were built in 1970 and include one- and two-bedroom units built around a swimming pool at 4103 Dayton Blvd.
The Chalet at Northshore Apartments in Red Bank were sold for $4.8 million last week. The Chalet apartments were built in 1970 and include one- and two-bedroom units built around a swimming pool at 4103 Dayton Blvd.For the third time in the past month, a major apartment complex in Hamilton County has been sold to real estate investors anxious to capitalize on the region’s growing demand for rental housing.
The Mountain Brook Apartments, a 280-unit apartment complex at the foot of Signal Mountain along Mountain Creek Road, was sold last week for $18.5 million – $4 million more than what the previous owners paid to buy the complex just two years ago, according to property filings with the Hamilton County Assessor’s Office.
“The quick rise in value of this asset is an indication of the growth in Chattanooga, and we’re happy to be a part of it with the rest of our holdings in the Chattanooga area,” Elmington CEO Cary Rosenblum said in a statement Monday.
Waypoint Homes acquired Mountain Brook apartments, which include one- and two-bedroom units built in a wooded area on the side of Signal Mountain.
Elmington Capital Group announced the sale of the 20-year-old complex on Monday. Mountain Brook, built in 1986, is one of nearly a dozen multi-family complexes along Mountain Creek Road.