For the second time in the past three years, one of Chattanooga’s biggest apartment complexes has been purchased by a national real estate investment firm.
Ascent at Signal Mountain, a 50-year-old apartment complex with 296 units on Mountain Creek Road, was purchased last week for more than $45.1 million by a real estate partnership organized by Makor Management, headquartered in the Boston suburb of Needham, Massachusetts, according to property records filed with the Hamilton County Register of Deeds.
The sale price is more than 40% higher than what the apartment complex sold for in 2020 when a Nashville equity group bought the apartment complex, then known as Radius Apartments, for $32 million.
The former owners, Covenant Capital Group of Nashville, renovated many of the 30 two-story buildings in the complex, which was originally built in 1973. The former owners updated the apartments with granite-style countertops, wood-style floors, new wall paintings and other upgrades to make the units more energy-efficient.
The higher price paid by Makor for Ascent at Signal reflects those improvements along with the growth in rental rates and investment interest in Chattanooga’s apartment market.