An Atlanta-based real estate investment firm has bought The Views of the Signal apartments as part of a record buying spree of Chattanooga’s multi-family housing units in 2020.
Beechwood Holdings in Atlanta bought the 124-unit apartments at 701 Morrison Springs Road in Chattanooga for $12.5 million, according to property records filed this week with the Hamilton County Register of Deeds. Kyle Collins, principal for Beechwood Holdings, called the acquisition “part of our strategy to own and operate well-located multifamily assets in the Southeast.”
“We were attracted to the growth of Chattanooga and its future prospects,” Collins said. “Our plan is to continue renovating and improving the property for our tenants.”
Rents for the two-bedroom units at the Views of Signal Mountain range from $949 to $1,049 each. The complex, which was built in 1973, includes a swimming pool, fitness center and pet play area.
The sales price for the Views at Signal Mountain is equal to $100,806 per unit. That’s 21% below the $128,242 average for the 3,147 multifamily units that were sold elsewhere in Hamilton County so far this year, according to real estate filings through the first 11 months of 2020.