Staff photo by Tim Barber / The Lupton Building at 1010 Georgia Ave. in downtown Chattanooga, sold in November for $2.6 million.Midtown Ridge Apartments at 312 McBrien Road
* Purchase price: $15 million
* When: Nov. 22, 2019
A Chattanooga apartment complex with 193 units fetched a $15 million sale price, according to the Hamilton County Register of Deeds office. The Midtown Ridge Apartments at 312 McBrien Road were formerly known as the Royal Arms Apartments. The complex was sold to 312 McBrien Road LLC from Momi LLC. The complex is situated between Interstate 24 and Brainerd Road.
The Lupton Building at 1010 Georgia Ave.
* Purchase price: $2.6 million
* When: Nov. 18, 2019
Atlanta-based Greenleaf Partners LLC bought the 109-year-old Lupton Building, which was last used as a storage business. Early plans for the 55,000-square-foot building call for a hostel on one of the upper floors, retail on the ground floor, and creative office space on the mid-floors, Greenleaf principal Dave Cordea said before the deal closed.
In September, Greenleaf bought the office building at the corner of Riverfront Parkway and Main Street for $17.8 million. Occupants of the space have long-term leases, the 112,00-square-foot building is full, and there are no plans to do anything but meet the tenants and operate the property, Codrea said.
The Belvoir Apartments at 3725 Fountain Ave.
* Purchase Price: $6.5 million
* When: Nov. 13, 2019
Around the same time they acquired the Lupton Building, Greenleaf Partners sold The Belvoir on Fountain Avenue in East Ridge for $6.55 million to a New York real estate investment company. An affiliate of Quad Property Group bought the 100-unit apartment complex in East Ridge as its first acquisition in Tennessee. The 114,000-square-foot complex was built in 1970 on 5.6 acres, and includes one-, two- and three-bedroom units. Quad Property Group plans to upgrade the 49-year-old complex.
Magnolia Apartments at 5225 Old Hixson Pike
* Purchase price: $3.7 million
* When: Nov.12, 2019
James "Win" Pratt, president of Pratt and Associates, said the company acquired the 48-unit Magnolia Apartments in Hixson for nearly $3.7 million when the opportunity came to buy the complex. Built in 1986, the Magnolia complex at 5225 Old Hixson Pike is adjacent to the 30-unit Oak Wood Estates, which Pratt built last year. Pratt will remodel the exterior of the three buildings in the Magnolia Apartments and upgrade the interiors to be more in line with Oakwood Estates.