Hixson's Marina Pointe Apartments sells for $44.5 million as investors bid up values for rental properties

Photo by Dave Flessner / The 308-unit Marina Pointe Apartments at 5750 Lake Resort Drive was sold this week for $44.5 million. The 21-acre complex of one-, two- and three-bedroom apartments was built in 2001.

A national real estate investment company has purchased one of the biggest apartment complexes in Hixson for nearly twice as much as what the facility sold for just seven years ago as outside investors continue to bid up the price of multi-family housing in Chattanooga.

A real estate business created by Capital Square Acquisitions LLC in Glen Allen, Virginia bought the 308-unit Marina Pointe Apartments earlier this week for $44.5 million. The purchase price was nearly double the $23.2 million paid for the same property in 2013 by the Miami-based BC Property Invest LLC.

The sales price is the second-highest price paid for a Chattanooga apartment complex, behind only the $63.1 million sale in March of the Blue Bird Apartments behind the Chattanooga Choo Choo in downtown Chattanooga. In the past four years, nearly $500 million of local apartment complexes have been bought or built by outside investment firms in Hamilton County.