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Standifer Place Apartments sell for $25.5 million

The 240-unit Standifer Place Apatment Homes were sold for $25.5 million to a GrayCliff Capital Partners, which is buying three local apartment complexes.
The 240-unit Standifer Place Apatment Homes were sold for $25.5 million to a GrayCliff Capital Partners, which is buying three local apartment complexes. The 240-unit Standifer Place Apatment Homes were sold for $25.5 million to a GrayCliff Capital Partners, which is buying three local apartment complexes.

By Dave Flessner 3 min read

Buying into rentals

In the past three months, more than $100 million of apartment sales have closed:* Legends at White Oak in Collegedale sold for $41.8 million* Standifer Place Apartment Homes on Jenkins Road sold for $25.5 million* Mountain Brook Apartments on Mountain Creek Road sold for $18.5 million* Chalet at Northshore Apartments in Red Bank sold for $4.8 millionSource: Hamilton County Register of Deeds

One of Chattanooga’s biggest apartment complexes has a new owner and manager and will soon begin undergoing a $650,000 refurbishing of many of its 240 apartment units.

A Greenville, S.C., property management firm, Graycliff Capital, bought the Standifer Place Apartment Homes on Jenkins Road last week for $25.5 million.

“We like the Chattanooga market and see a lot of value there with the growth in jobs and population,” Jennifer Moore, director of operations for GrayCliff Capital, said Friday. “This is one of three purchases we’re making in the Chattanooga market.”

Moore said two other local apartment complexes also will soon become part of Graycliff’s portfolio, which currently includes 19 apartment layouts and three senior living facilities.