East Brainerd residences bought for $46.8 million

In its next significant condominium acquisition in East Brainerd in as several many years, an Atlanta-centered real estate financial investment agency acquired the Parc 1346 condominium complicated on Gunbarrel Highway for $46.8 million.

The Shoptaw Team, which bought The Shallowford residences in 2019 for $32 million, purchased the 316-unit Parc 1346 sophisticated in December for just about 60% a lot more than the former proprietors compensated for the assets just 6 years before, according to the Hamilton County Sign-up of Deeds.

The acquire was the second best price tag at any time compensated for an apartment complex in Chattanooga and underscores the rising charm of the neighborhood household rental market to true estate expense firms throughout the country.

In accordance to Hamilton County home data, exterior investors have compensated approximately $300 million to get condominium complexes in Chattanooga above the previous two many years as rental charges have risen and desire prices have dropped.

A research of apartment rental charges for December by the online rental service Zumper confirmed the regular two-bed room apartment in Chattanooga is leasing for $1,200 a thirty day period, or 17.6% far more than a calendar year in the past. Whilst Chattanooga condominium rental premiums average 19.3% considerably less than the U.S. regular of $1,487 for a two-bed room device, Chattanooga rental rates are soaring at some of the swiftest charges in the state and more than 6 situations the progress in typical cash flow in the previous 12 months.