Riverview Grande Apartment Complex Sold

Interesting to see the legacy complexes continuing to sell. We are a popular market. Details I have been able to glean:

  • Address: 700 Mansion Cir, Chattanooga, TN 37405
  • Sale price: $31,000,000
  • Price per unit: $115,241.66
  • Total built square footage: 283,881
  • Sale price per square foot: $109
  • Total lot size: 12ac / 522,720sf
  • Sale price per square foot dirt: $59.30
  • Year of construction: 1972
  • Units: 269 – all 2 & 3 br
  • Average unit size: ~1,000sf
  • GVA Property Management: https://www.gvamgt.com/

https://www.timesfreepress.com/news/business/aroundregion/story/2019/may/24/riverview-grande-complex-sold/495416/

An interesting market record was included in the article as an aside and I have copied it below. These details could warrant further analysis by those considering development or purchase in our market. I may do a complete data analysis and trending of these sales in the coming week and will update this post when completed :

Since the start of 2016, investor groups have paid more than $300 million to buy apartment complexes in Hamilton County. The biggest purchases include:

1. Legends at White Oak in Collegedale sold for $41.8 million

2. Village at Apison sold for $31.9 million

3. Elements of Chattanooga on Standifer Gap Road sold for $31 million

3. Riverview Grande in North Chattanooga sold for $31 million

5. Bridgeway at Chattanooga on McCutcheon Road sold for $29.5 million

6. The District at Hamilton Place on Gunbarrel Road sold for $28 million

7. Arbor Creek Apartments on Standifer Gap Road sold for $26.6 million

8. Standifer Place Apartments Homes on Jenkins Road sold for $25.5 million

9. Ridgemont Apartments in Red Bank sold for $21 million

10. Mountain Brook Apartments on Mountain Creek Road sold for $20 million

Legends in 21

This is an enormous project and a great investment and addition to downtown. Adding to the recently reopened Read House, The Moxy and the New Edwin Hotel this hotel will help raise bar for quality accommodations in downtown. It will also help drive demand for experience based retail in downtown, something that is sorely missing in large parts. While not a silver bullet it is another solid step in the right direction.

https://www.timesfreepress.com/news/business/aroundregion/story/2019/may/23/demolition-bank-building-hotel/495300/

Dumping Midtown Office Park Office Buildings

Someone has recently dumped over 360,000sf of office onto the market in the Midtown Office Park at the 24/75 interchange. At first glance it looks reasonably priced and leased up but whenever I see this kind of activity it raises eyebrows. Either someones portfolio has come due or theres a partnership breaking up. If I was a betting man I’d wager these will be on the market a while. Check in with Andrew Holt at Healy and Company for all the details.

https://healyandco.com/

St Elmo Development

This has the potential to be a fairly transformative project for the St Elmo area. With all the residential changes in the area this will be a welcome addition and support the appeal for this area. The addition of the ne Publix on Broad just North will also add to the appeal of this entire area. I would expect other South Broad redevelopment to follow and I will be surprised if the Food City heads for the exit soon:

https://www.timesfreepress.com/news/business/aroundregion/story/2019/may/03/st-elmo-project/494020/