PointOne Holdings Snaps Up Chattanooga Asset
- Oct 25, 2016
Chattanooga, Tenn.—PointOne Holdings, a real estate investor with offices in Hollywood, Fla., and Atlanta, has acquired The Springs at Chattanooga for $31 million. The property, which is in Chattanooga, is a 260-unit, garden-style, apartment community.
The buyer plans to invest $650,000 in capital improvements to the property to implement interior and amenity upgrade programs. The property is on a 15 acre-plus parcel and was completed in 2015.
Common amenities include a resort-style swimming pool, clubhouse featuring WiFi, coffee bar and business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, and car care center. Units average 963 square feet and feature patio/balconies, bay windows and walk-in closets.
David Lewin, managing member of PointOne Holdings, characterized the Chattanooga mark as dynamic, with a growing tech/innovation, arts, and dining scene. “The property’s strategic location in East Chattanooga is particularly important given the influx of jobs at the Volkswagen manufacturing plant and the regional Amazon distribution hub,” he said.
According to Apartment Data Inc., apartment occupancy is high in the Chattanooga market, coming in at 95.4 percent in September. Asking rents average $851, an increase of 5.2 percent compared with a year ago. Only 9 percent of properties offer any kind of concessions.