One of the largest apartment complexes in Soddy-Daisy has a new name and owner.
Hawthorne Residential Partners, a Greensboro, North Carolina-based real estate company that already owns three other apartment complexes in the Chattanooga market and is building another, bought the 128-unit Glen Hollow Apartments at 9449 Dayton Pike for $18.025 million and has renamed the facility the Hawthorne at the Hollow. The apartment sale was the biggest real estate transaction among the $240.8 million of taxable real estate sales during February in Hamilton County, according to county Register of Deeds Marc Gravitt.
The 128-unit complex was originally developed by a Brentwood, Tennessee company, Haven Development, in 2017 just off Highway 27 along Dayton Pike near the Harrison Lane exit. The 10-acre campus includes one- and two-bedroom apartments built around a 2,778-square-foot clubhouse with a swimming pool.
The sale price represents an average price of $140,820 for each of the one- and two-bedroom apartments, which currently have monthly rents from $945 for a one-bedroom unit to $1,145 for a two-bedroom apartment.
The new owners said the complex is now being managed by Hawthorne Resident Partners and plans are being made to upgrade the units with refreshed faucets and lighting packages within the apartments and enhanced amenities such as a lease-free dog park, expanded fitness center and 24-hour package lockers.
"Further, all residents have access to a new convenient online portal, frequent resident events and community activities, and even organized pet events for our furry friends," Hawthorne said in a statement about its plans for its Soddy-Daisy complex. "The new and improved customer service is an important part of the Hawthorne "Live It!" difference, our commitment to go above and beyond in everything we do."
The 4-year-old facility features granite-style countertops, modern espresso cabinetry, a private patio or balcony in most of the units.
Hawthorne at the Hollow is the fourth apartment complex that Hawthorne Residential Partners has either bought or developed in Chattanooga and the company is building another complex in Ooltewah and also manages the Amberleigh Ridge apartments on East Brainerd Road. Since its start in 2009, Hawthorne has grown its portfolio to include more than 36,000 apartments in eight states across the Southeast.
The company built the 286-unit Hawthorne at the Summit on Apison Pike in 2017 and is currently constructing the Hawthorne at the Crest nearby. In Chattanooga, Hawthorne Residential Partners also owns and operates the Hawthorne at the W and Hawthorne Creekside on Mountain Creek Road.
"Chattanooga continues to steadily grow and attract new residents, drawn to an expanding employment base as well as its quality of life," Hawthorne said in its explanation for its growing Chattanooga investments.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340.
Biggest real estate sales in February
1. Hawthorne at the Hollow apartments at 9449 Dayton Pike, sold for $18.025 million 2. The Eye Surgery Center of Chattanooga at 7268 Jarnigan Road, sold for $14.3 million 3. The Spring Creek Physicians Building next to Parkridge East Hospital, sold for 2.3 million 4. Community shopping center at 3101 Kelly Ferry Road, sold for $2.05 million 5. Woodland Park Baptist church site at 6735 Standifer Gap Road, sold for $1.86 million Source: Hamilton County Register of Deeds