Marina Pointe Apartments sell for $44.5 million
Anational real estate investment company has purchased one of the biggest apartment complexes in Hixson for nearly twice as much as what the facility sold for just seven years ago as outside investors continue to bid up the price of multi-family housing in Chattanooga.
A real estate business created by Capital Square Acquisitions LLC in Glen Allen, Virginia bought the 308-unit Marina Pointe Apartments earlier this week for $ 44.5 million. The purchase price was nearly double the $23.2 million paid for the same property in 2013 by the Miami-based BC Property Invest LLC.
The sales price is the second- highest price paid for a Chattanooga apartment complex, behind only the $ 63.1 million sale in March of the Blue Bird Apartments behind the Chattanooga Choo Choo in downtown Chattanooga. In the past four years, nearly $ 500 million of local apartment complexes have been bought or built by outside investment firms in Hamilton County.
“We continue to see a lot of activity and interest in the local apartment and housing markets, which reflects the relatively strong job market we have in Chattanooga and the continued growth in the county,” Hamilton County Register of Deeds Marc Gravitt said Friday.
Chattanooga’s suburban apartments continue to attract the biggest share of such investments. Last year, eight of the 10 biggest real estate sales were of suburban apartments and sales of multi-family housing complexes collectively totaled more than $200 million.
Marina Pointe Apartments on Lake Resort Drive near Chickamauga Lake were built in 2001 and include one-, twoand three- bedroom units currently renting from $ 885 for a one- bedroom apartment up to 1,420 for a three-bedroom unit. The apartment complex is currently about 98% leased, according to the new manager of the facility.
The apartment operations were taken over this week by BH Management Services Inc., headquartered in Des Moines, Iowa. The total complex has 309,974 square feet of buildings and includes a swimming pool, fitness center and pet park.
Capital Square, founded in 2012, has completed more than $ 2 billion of multi- family housing transactions, according to the company’s web site. Capital Square is among nearly a dozen major national real estate investment firms that have bought apartment complexes in Chattanooga in the past five years.