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Photography by Mike Pare / The Lovemans Building is at 800 Market Street

Lamp Post space in the Lovemans Building at 800 Market Street

* Purchase price: $3.1 million

* When: Dec. 19, 2019

Lamp Post Properties sold its second-floor space in downtown Chattanooga's Lovemans building where a decade ago a group of local business leaders unveiled an innovative incubator for startups.

Chattanooga real estate developer Matt McGauley said he purchased the Lamp Post space at the historic Market and Eighth streets building for $3.1 million.

Also, he said, he's buying one other space on the second level, which will give him the entire 34,000-square-foot floor. McGauley said the second floor at Lovemans is fully leased and he intends to keep existing tenants including Lamp Post, Dynamo, Reliance Partners, VaynerMedia and others.

 

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The sign for Rainbow Creek Apartments is seen in this photo. / Staff file photo

Rainbow Creek Apartments at 7604 Standifer Gap Road

* Purchase price: $9.1 million

* When: Dec. 13, 2019

A Philadelphia-based real estate equity fund purchased the Rainbow Creek Apartments in East Brainerd and is looking to acquire additional rental properties in the Chattanooga market.

The $9.1 million purchase of the 200-unit apartment complex on Standifer Gap Road by Springer Capital LLC was among more than $200 million in multi-family housing complex sales in 2019 in the Chattanooga area to investment funds buying into the local market.

"We like the Chattanooga market and what is happening in this corridor," said Thomas Farnoly Jr., a principal in Springer Capital, which also owns 21 other apartment complexes in six states.

 

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Photo by Dave Flessner / The Ridgeside Apartments includes 148 one- and two-bedroom apartments.

Ridgeside Apartments at 6302 Hixson Pike

* Purchase price: $11.3 million

* When: Dec. 6, 2019

In one of the largest real estate deals in the Chattanooga area in 2019, The Dominion Group acquired the 148-unit Ridgeside Apartments at 6302 Hixson Pike as part of a bigger purchase of five apartment complexes across Tennessee. The Nashville-based Freeman Webb company sold the Ridgeside apartment complex, along with other apartments in Knoxville, Nashville and Jackson, Tennessee, to the Dominion Group for a total of $50.5 million.

The Knoxville real estate development company has already built an assisted living center in Hixson and is building another $20 million of apartments near Northgate Mall. Kevin O'Brien, director of development for the Dominion Group in Knoxville, said his company sees Chattanooga as a growing rental market even after the addition of thousands of apartment units either built or now under development in the market since 2015.

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