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