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.
Greatest condominium profits
Three of the five greatest ever condominium product sales in Hamilton County ended up in 2020.
1. The 283-unit Bluebird Row Residences at the Chattanooga Choo Choo marketed for $63.15 million in March 2020.
2. The 316-device Parc 1346 residences off of Gunbarrel Highway in East Brainerd bought for $46.8 million in December 2020.
3. The 308-device Marina Pointe Residences on Lake Shore Push in Hixson ended up marketed for $44.5 million in October 2020.
4. The Legends at White Oak in Collegedale offered for $41.8 million in September 2016.
5. The 260-unit Hunters Level condominium intricate in East Brainerd bought for $35.8 million in September 2019.
Source: Hamilton County Sign-up of Deeds
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.
Prime true estate transactions in Hamilton County
1508 Edgewood Circle
3611 Amnicola Freeway
1400 37th St.
321 Cherokee Blvd.
4560 Webb Highway
11 Minnekahda Path
Marion County transaction / submitted for sliver in Hamilton County
191 Chestnut St.
4405 Delashmitt Highway
5007 Mountain Creek Road