A California investment group has bought the six-story Clemons Lofts building in downtown Chattanooga for $10 million, according to broker Capstone Apartment Partners.
The building at 730 Chestnut St. was built in 1918 and restored two years ago into 54 rental units with 7,922 square feet of ground floor retail space.
TMC Group bought the structure from locally based ViaNova Development. Work was started in the fall 2014 on the building and completed in 2016 without public money, coming in under its $7.5 million budget.
ViaNova rehabbed what was long known as the Clemons Bros. furniture manufacturing and sales building. Some of the original elements of the factory, such as exposed original brick, floors, and columns along with modern and industrial flourishes, were used to create The Clemons Lofts.
The building features one-, two-, and three-bedroom configurations with square footage beginning at 590 square feet and going up to 1,200 square feet. The apartment building also included the Street Corner Market until the small grocery closed last year.
TMC Group, which was looking to expand its existing Tennessee connections, bought The Clemons for about $185,185 per unit, according to Capstone.