A Knoxville real estate development company that has already built an assisted living center in Hixson and is building another $20 million of apartments near Northgate Mall is adding to its multi-family portfolio by buying another Hixson apartment complex for $11.3 million.
The Dominion Group last week acquired the 148-unit Ridgeside Apartments at 6302 Hixson Pike as part of a bigger purchase of five apartment complexes across Tennessee. The Nashville-based Freeman Webb company sold the Ridgeside apartment complex, along with other apartments in Knoxville, Nashville and Jackson, Tennessee, to the Dominion Group for a total of $50.5 million.
Kevin O’Brien, director of development for the Dominion Group in Knoxville, said his company sees Chattanooga as a growing rental market even after the addition of thousands of apartment units either built or now under development in the market since 2015.
“Dominion is very excited about the Hixson market and the overall Chattanooga market,” he said. “We are well aware of the growth that is taking place in and around Chattanooga. We are particularly excited about what we see trending in the market fundamentals of job creation and employment outlook.”
Photo by Dave Flessner / The Ridgeside Apartments in Hixson was purchased by the Knoxville-based Dominion GroupFreeman Webb Chairman Bill Freeman said the higher price reflects the appreciating value of housing in Chattanooga and other Mid-South markets, which helped Freeman Webb realize double- digit returns on their apartment investments.