In its third apartment purchase in the Chattanooga market in the past six years, the Chicago-based Tricap Residential Group has purchased the Cross Creek Villas off of Highway 58 for just over $30 million.
The new owners have renamed the 232-unit complex to Haven Cross Creek and are planning to upgrade most of the one-, two- and three-bedroom apartments in the 11-year-old facility at 4025 Oakwood Drive.
“We love the Chattanooga market and we ran across this wonderful value-add opportunity,” said Suzanne Hopson, executive vice president of sales and marketing for TriCap. “As we do with most of our properties, we will do our value-add strategy which will include some unit renovations, modernizing the common areas and bringing our professional management to the complex. We will increase the value and resident services of this property.”
The purchase was the biggest property transfer during one of the busiest months for property sales in Hamilton County during March, according to Hamilton County Register of Deeds Marc Gravitt.
“The month was the busiest month the Register’s Office has had in almost 20 years, both in the volume of documents recorded and taxes collected,” Gravitt said. “We recorded over 8,300 document sets, and collected over $2.4 million in state-mandated transfer and mortgage taxes.”