Cushman & Wakefield announced on Thursday that the firm brokered the sale of the Springs at Chattanooga apartment community to PointOne Holdings for $31 million. PointOne will rebrand the complex as Hunters Point upon the acquisition.
Cushman & Wakefield Executive Managing Directors Jimmy Adams and Tyler Averitt joined with Vice Chair Marc Robinson to represent the seller.
The Springs at Chattanooga community, encompassing more than 15 acres within one mile of the city’s principal core, was built in 2015 and includes 260 units.
It is 94 percent occupied and is within one interstate exit of the 1.9 million-square-foot Volkswagen assembly plant and the one million-square-foot Amazon Fulfillment Center, two significant employment and economic drivers for the region.
“Springs at Chattanooga, newly named Hunters Point, has a unique design with ground-floor entry for all units and two-story buildings,” Mr. Adams said. “Like other recently delivered deals in Northeast Chattanooga, this asset leased up very quickly. The buyer, PointOne Holdings, was able to obtain almost 80 percent leverage with Freddie Mac, despite recently stabilized occupancy and collections, and they have planned an amenity upgrade campaign.”