For the third time in six months, out-of-state real estate investors have purchased a Hixson apartment complex at a premium from the property’s previous sale price.
A Mississippi foundation acquired the Bluff View at Northside apartment complex last month for $18.3 million as part of the foundation’s investment portfolio.
Matt Olson, vice president of acquisitions for the Nashville-based real estate management company Freeman Webb, said the Hixson rental market remains strong even with more apartment complexes being built in the area. Freeman Webb is managing Bluff View and helped arrange the purchase.
“We think Chattanooga is a strong rental market and we especially like the Hixson area,” Olson said. “This is a well maintained property and this is a growing part of Chattanooga.”
The 122-unit Bluff View Apartments complex on the side of Big Ridge in Hixson include one- and two-bedroom apartments that range from 800 square feet up to 1,500 square feet in size. Amenities include a fitness center, pool and playground. The apartments were built in four phases between 2000 and 2007 and currently rent from $965 to $1,439 per month.