Company Capitalizing on Short Supply of Apartments in Tennessee
- Jun 11, 2012
Collegedale, Tenn.—Jacksonville-based LandSouth Construction has broken ground on the Integra Hills Luxury Apartments, a $19 million project in Chattanooga. The property is near Little Debbie Parkway (named for the local snack food maker, a major employer in the area) in the Chattanooga suburb of Collegedale.
The 278-unit property is expected to be completed by February 2013. It features five floor plans in one- to three-bedrooms ranging from about 850 to 1,420 square feet. Each of the units will feature wood plank floors, expansive ceilings, custom cabinets, built-in computer niche, French doors to patios, garden tub and a designer black appliance package. Detached garages are also available.
Multifamily specialist LandSouth Construction is capitalizing on the short supply of apartments in the area. According to Real Data, which tracks the greater Chattanooga apartment market, the vacancy rate is 5.4 percent as of the first quarter of 2012. Average rents are $732 per month, with few concessions being offered any more.
“Due to continued job growth and lack of new supply, we expect the vacancy rate to continue to improve over the coming year with rents continuing to post strong gains,” reports Kelly Reddecliff apartment analyst with Real Data in the most recent Chattanooga report.
LandSouth Construction was founded in 1998. Since then, it has completed more than 6,000 multifamily units since then, including apartments, hotels, senior living, student and military housing, condominiums and townhomes.