Chattanooga apartments continue to draw outside investor interest with the sale last week of one of Ooltewah’s biggest complexes for $18.5 million.
Villas at Oak Crest, a 208-unit apartment complex at 7255 Lee Highway, was purchased by a global investment group for $3 million more than what the former owners paid to buy the complex only three and a half years earlier.
The new owners of the 208-unit Villas at Oak Crest on Lee Highway plan to make improvements at the 31-year-old complex. The new owners, organized as Villas Partners LLC, hired the Lennox Co. in Memphis to manage and spruce up the complex, which was originally built in 1984 and includes 335,533 square feet of space in nearly a dozen three-story buildings. The complex also includes a swimming pool, community room and playground.
A Charlotte, N.C., real estate investment group organized by the Harris Development Group, Villas at Oak Crest General Partnership, bought the complex in January 2012 for $15.5 million.
Jonathan Wogan, founder and president of Lennox Companies, said the new owners are part of a group that has invested in several Tennessee properties.