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Passenger Flats apartments sell for $17.2 million on Chattanooga’s Southside

Staff file photo / Jon Kinsey, right, Adam Kinsey and apartment manager Cat Collier Martinez walk past the first phase of the Passenger Flats apartments, on their way to the back of the property where another building at the hotel has been converted into apartments at the Chattanooga Choo Choo.
Staff file photo / Jon Kinsey, right, Adam Kinsey and apartment manager Cat Collier Martinez walk past the first phase of the Passenger Flats apartments, on their way to the back of the property where another building at the hotel has been converted into apartments at the Chattanooga Choo Choo. Staff file photo / Jon Kinsey, right, Adam Kinsey and apartment manager Cat Collier Martinez walk past the first phase of the Passenger Flats apartments, on their way to the back of the property where another building at the hotel has been converted into apartments at the Chattanooga Choo Choo.

By Dave Flessner 3 min read

The Passenger Flats apartment complex behind the Chattanooga Choo Choo has sold for $17.2 million as real estate investors continue to buy into Chattanooga’s rental market.

The 208-unit apartment complex, which was developed in two phases over the past seven years from some of the former hotel rooms added to the Choo Choo in 1982, was acquired by a limited partnership, Passenger Partners LLC, a real estate partnership formed last month in Knoxville. The new owners paid the equivalent of $82,692 per unit and have hired Brookside Properties Inc. to manage the apartments.

The apartments are next to the 283-unit Bluebird Apartments, which sold in 2020 for $63.15 million in the biggest valued apartment sale ever in Chattanooga.

The Passenger Flats building was originally built in 1992 as one of the hotel buildings at the Choo Choo and includes 90,542 square feet, according to Hamilton County property records. Passenger Flats features studio, one-bedroom and two-bedroom options, along with amenities such as two resort-style pools, clubhouse, fitness center, laundry facilities and free Wi-Fi.

Adams Kinsey, president of the Choo Choo, said Friday the sale is part of the ongoing redevelopment of the 25-acre Choo Choo, a former Southern Railway passenger station that was converted to a hotel complex in 1973 and later acquired by Kinsey and other investors in 1989.