Staff photo by Dave Flessner/ 1400 Chestnut apartments have been bought by a California investment group. A Los Angeles real estate investment trust plans to buy one of Chattanooga’s biggest downtown apartment complexes.
The Chattanooga Health, Educational and Housing Facilities Board this week authorized the transfer of $2 million of property tax breaks to allow Mount Auburn Multifamily to acquire the 1400 Chestnut building on Chattanooga’s Southside. The 200-unit was proposed in 2015 by the Birmingham, Alabama-based development firm Kore LLC which opened the facility in 2017.
The 5-story complex includes a swimming pool, fitness center, dog spa and parking garage and includes one- and two-bedroom apartments, ranging in size from $1,225 to $1,763 a month.
To qualify for property tax breaks, the developers have set aside 40 of its units for low- and moderate-income residents and 31 of those units were full in a housing report prepared in February. Brian Minshew of 1400 Chestnut said at the time that the price point, $864 a month for the one-bedroom units, is good for that area of the city.
Staff photo by Dave Flessner/ 1400 Chestnut apartments have been bought by a California investment group.With nearly $1.2 billion dollars of private investment in the downtown area since 2015, River City Co. said the central city and nearby Southside and North Shore have added 3,223 apartment units and 1,917 beds for students at the University of Tennessee at Chattanooga since 2015.