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, which 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, bought the 240-unit Standifer Place apartments to expand onto the East Brainerd rental market. The new owners are working to make roof repairs and landscaping upgrades at the facility following the April tornadoes that swept through East Brainerd and Ooltewah on Easter night and will then develop a capital plan for the facility.
“This quality property is in a strategic location and has been well cared for by previous ownership and fortunately escaped most of the damage that some other properties had in this area,” said Kevin O’Brien, director of development for the Dominion Group in Knoxville. “This purchase represents Dominion’s confidence in the Chattanooga market and Dominion’s desire to be a responsible part of this area’s continued growth.”
O’Brien said his company sees Chattanooga as a growing rental market, especially among suburban rental properties, even after the recent or planned addition of thousands more apartment units in the market.
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 million purchase in December of the Ridgeside Apartments on Hixson Pike.