An historic family-owned landmark on the 600 block of Georgia Avenue, including the Hardwick Hogshead Apartments and the Robinson Apartments, is being sold.
Marcus D. Lyons, director at Berkadia Real Estate Advisors, who brokered the transaction, confirmed the sale of the Georgia Avenue real estate. The parties involved, both closely-held LLCs, have agreed not to disclose terms of the transaction. This follows a number of apartment sales in the downtown Chattanooga region.
“There is a booming demand to provide affordable rental housing for young professionals and others who want to work and live in the heart of the city,” said Mr. Lyons. “These two apartment buildings have a long history of providing a quality living experience for their residents, and my client is committed to carrying that reputation forward.”
Fred Robinson, representing the owner of the Fountain Square real estate, expressed mixed emotions about selling at such an exciting time in Chattanooga.
“We have not been the traditional landlord, in that some of the property has been in this family since ice was delivered by horse and carriage,” said Mr. Robinson. “Long term ownership seems to be a rarity in investment real estate today. Collectively, we have leased to several generations of Chattanoogans, and our experience has been overwhelmingly positive.”
Mr. Robinson reflects on memories of past residents who recall hearing of the bombing at Pearl Harbor while living in one of their apartments, having their tonsils removed in one of the property’s past medical offices, and rumors of hidden whiskey in the property’s basement during the Prohibition.
Both apartment buildings underwent historic renovations a number of years ago, early in the renaissance of downtown Chattanooga, and great detail was taken to make sure the original historic detail of the design was preserved. The company is looking forward to transitioning ownership over to another local group which has great ideas for the next century.