The Rise at Signal Mountain at 1185 Mountain Creek Road
* Purchase price: $30 million
* When: Jan. 17, 2020
A Birmingham, Alabama-based real estate investment firm bought the Rise at Signal Mountain apartment complex on Mountain Creek Road with plans to upgrade the 34-year-old complex. StoneRiver Co. acquired the 280-unit complex in January for $30 million and has turned over management of the facility to its property management affiliate, StoneRiver Properties.
The new owners will upgrade the interior of the one- and two-bedroom apartments, which are grouped in 19 buildings across the 43-acre site on the side of Signal Mountain, and will improve both the clubhouse and the landscaping at Rise at Signal Mountain. The company developed and built the 248-unit Village at Apison in Collegedale, which it sold in 2017 for $31.9 million.
Signal Mill at 205 Manufacturers Road
* Purchase price: $13.5 million
* When: Jan. 16, 2020
An Atlanta-based real estate investment company says it's "planting our flag" in downtown Chattanooga with the $13.5 million purchase of a restored 104-year-old former textile mill.
Coro Realty bought the historic Signal Mill building and nearly 3 acres on Manufacturers Road on the North Shore, seeing the building as a long-term investment, says Robert Fransen, the company's president.
Covenant Transport Solutions, a freight brokerage business that's part of Covenant Transportation Group, is a major tenant in Signal Mill. Food Works, Genevieve Bond Gifts, Edley's Bar-B-Que, Mean Mug Coffee and Pigtails & Crewcuts are others.
Autumn Brook Apartments at 5555 Hixson Pike
* Purchase price: $14.7 million
* When: Jan. 10, 2020
For the second time in a month, a Philadelphia real estate equity fund purchased a major apartment complex in Chattanooga to tap into what investors insist is a strong suburban market in Chattanooga for multi-family housing.
Springer Capital, which owns 21 other apartment complexes from Pennsylvania to Alabama, bought the Autumn Brook apartments in Hixson in January for $14.7 million — or 36% more than the $10.8 million that the previous investment group from New York paid for the property in November 2016.
Built in 1989, the Autumn Brook Apartments at 5555 Hixson Pike include 156 one- and two-bedroom apartments grouped in six three-story buildings erected around a swimming pool, clubhouse, dog park and laundry facility.
The average apartment includes 1,052 square feet and currently rents for between $800 and $940 a month.