National investment firms acquired a half dozen of the biggest apartment complexes in Hamilton County for more than $30 million each during 2021 to capitalize on rising property values and rental rates in the market. Louis Rogers, founder and chief executive officer of the Glen Allen, Virginia, investment group known as Capital Square 1031, organized investment groups that paid more than $150 million to acquire three local apartments during the year at an average price of $224,128 per apartment unit.
"The city is well-known for health care, manufacturing, education, technology and tourism and was named 'Gig City' for its 10-gigabit-per-second fiber internet services," Rogers says. "These attributes position Chattanooga as the next booming city, similar to Nashville or Austin."
In the first 11 months of the year, the biggest real estate sales in Hamilton County were all apartment complexes, including:
1. Capital Square 1031, a Glen Allen, Virginia, real estate investment firm, bought the 250-unit Lullwater at Big Ridge apartments at 6038 Hixson Pike for $59.75 million.
2. Capital Square 1031 acquired the 280-unit Integra Vistas apartments in Hixson for $57.2 million.
3. The Dominion Group in Knoxville bought the 269-unit Riverview Grande apartment complex in North Chattanooga for $41.7 million.
4. Capital Square 1031 bought the 17 Broad apartment complex at 1701 Broad Street downtown for $37.5 million.
5. TruAmerica Multifamily, based in Los Angeles, bought the 226-unit Ridgemont at Stringers Ridge apartments in Red Bank for $35.7 million.
6. The Chicago-based TriCap Residential Group bought the Cross Creek Villas on Highway 58 for over $30 million and renamed the 232-unit complex to Haven Cross Creek.
Source: Hamilton County Tennessee Register of Deeds