Standifer Place Apartments get a new owner and new name
* Address: 3400 Jenkins Road
* Price: $35 million
In its biggest investment yet in the Chattanooga market, a Knoxville-based real estate developer and management firm has acquired the Standifer Place Apartments on Jenkins Road for $35 million, and is rebranding the 22-year-old complex as the Scenic Ridge Apartments.
The Dominion Group has already built an assisted living center and bought another apartment complex in Hixson, and is currently building $20 million of apartments near Northgate Mall. The company bought the 240-unit Standifer Place apartments to expand into the East Brainerd rental market. The new owners are working to make roof repairs and landscaping upgrades at the facility following the April tornados that swept through East Brainerd and Ooltewah on Easter night.
The purchase of the property this month was the second such apartment acquisition for Dominion in Chattanooga in the past eight months following its 11.3 million purchase in December of the Ridgeside Apartments on Hixson Pike.
The latest purchase equates to $145,333 per unit at the Standifer Place Apartments, which was built in 1998 and includes 76 one-bedroom, 134 two-bedroom and 30 three-bedroom units. The complex is over 95% occupied.
The previous owner, an investment group organized by Graycliff Capital in Greenville, South Carolina, bought the Ooltewah property and its 253,440 square feet of buildings in 2016 for $25.5 million, according to Hamilton County property records.
The complex includes such community features as a swimming pool, clubhouse, picnic area with grills, fitness center, tennis and basketball court, pet park, car center and laundry.
Riverfront Parkway office building changes hands
* Address: 901 Riverfront Parkway
* Price: $13 million
A real estate investment group that specializes in medical office properties has acquired another physicians' office building in downtown Chattanooga.
The Chicago-based MB Real Estate health group and the Boca Raton, Florida-based KA Real Estate bought the three-story office building at 901 Riverfront Parkway for nearly $13 million. The 33,789-square-foot medical building was erected in 2018 by Noon Development Co., and currently houses the Plastic Surgery Group, Chattanooga Ear, Nose and Throat Associates and three other physicians' offices.
The new owners plan to maintain the current tenant mix and Chattanooga's Second Story Real Estate Management will continue managing the leasing of the property.