East Brainerd apartments sell for $35.9 million
A Nashville investment group has bought an East Brainerd apartment complex for nearly 16 percent more than what another investment group paid for the complex just two years ago.
The Legacy Cos. last month purchased Elements of Chattanooga, a 340-unit apartment complex on at 7310 Standifer Gap Road, for $35.9 million. In 2016, the same property was acquired for $31 million by Wicker Park Capital.
Robbie O’Bryan, a sales agent for Cushman & Wakefield who represented the seller, said the higher purchase price reflects the appeal for rental housing in East Brainerd, located within a couple of miles of Hamilton Place Mall.
“Elements of Chattanooga is poised for continued growth in the Hamilton Place submarket,” O’Bryan said. “This asset is exceptionally located, providing residents convenient access to the best retail in Chattanooga and the area’s foremost employment hub as well a private residential setting. The property will benefit tremendously with continued focus on the in-place renovation program.”
The purchase represents a price of $105,588 per unit and the overall complex sale is among more than a half dozen apartment purchases topping $25 million in Chattanooga over the past three years, according to Hamilton County property records.
Elements of Chattanooga was built in 1987 and includes a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, picnic areas and a business center.
As part of the purchase, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, the company said in an announcement of the sale.