Standifer Place Apartments get a new owner and new name
* Address: 3400 Jenkins Road
* Price: $35 million
In its biggest investment yet in the Chattanooga market, a Knoxville-based real estate developer and management firm has acquired the Standifer Place Apartments on Jenkins Road for $35 million, and is rebranding the 22-year-old complex as the Scenic Ridge Apartments.
The Dominion Group has already built an assisted living center and bought another apartment complex in Hixson, and is currently building $20 million of apartments near Northgate Mall. The company bought the 240-unit Standifer Place apartments to expand into the East Brainerd rental market. The new owners are working to make roof repairs and landscaping upgrades at the facility following the April tornados that swept through East Brainerd and Ooltewah on Easter night.
The purchase of the property this month was the second such apartment acquisition for Dominion in Chattanooga in the past eight months following its 11.3