One of Hamilton County’s biggest apartment complexes has a new name, owner and manager less than a year after its opening.
Southwood Realty, a Gastonia, North Carolina-based real estate investment and management firm, bought the 300-unit Ardmore Heights apartments in Ooltewah last week and renamed the complex Reflection Pointe on Friday.
In the biggest residential property sale in Hamilton County history, Southwood paid $79.2 million to acquire the Ooltewah apartments from another North Carolina real estate firm, the Greensboro-based Ardmore Residential Inc., which developed the complex and opened its first apartment units last fall.
“We are very excited that Reflection Pointe Apartments is now under new ownership and management by Southwood Realty,” the new owners said in a letter to tenants. “Over the next few weeks, our staff will work diligently to ensure a smooth transition.”
Apartments in the former Ardmore Heights range from one-bedroom units renting for $1,375 a month up to a three-bedroom unit renting for $2,025 a month, according to site managers. The complex spans nearly 15.5 acres and has 340,482 square feet of buildings, according to Hamilton County property records.