Integra Vistas Apartments sold as outside investors continue to buy into Chattanooga’s rising rental market
June 16, 2021
In its second major purchase of a Hixson apartment complex in the past eight months, a national real estate firm specializing in tax-advantaged real estate investments has bought the Integra Vistas apartment complex near Highway 153 and U.S. 27.
Capital Square 1031, a Glen Allen, Virginia-based investment firm established in 2012, bought the 280-unit property for $57.2 million, or the equivalent of $204,286 for each of the one-, two-, and three-bedroom units in the hilltop development.
The purchase price for the Hixson apartment in the second highest ever for an apartment complex in Hamilton County, behind only the $63.1 million sale in March 2020 of the Blue Bird Apartments near the Chattanooga Choo Choo in downtown Chattanooga.
Louis Rogers, founder and chief executive of Capital Square, called the Integra Vistas a “class A multifamily asset with strong resident demographics.
“The affluent Hixson submarket of Chattanooga, where the property is located, has an average projected occupancy rate of 98.3% and projected rent growth of 4.9% for the next five years, according to Yardi Matrix,” Rogers said.
Built in 2018 on the former Hillocks farm in Hixson, Integra Visitas apartments range in size from 766 square feet for a one-bedroom unit up to 1,278 square feet for a three-bedroom apartment. The units currently rent anywhere from $1,195 to $1,710 a month, according to Apartments.com.
The Integra Vistas apartments include such amenities as a fitness center featuring free weight and circuit stations, CrossFit training, cardio, yoga and fitness on demand; a pet park with agility equipment; storage lockers; attached and detached garages and walking trails with scenic mountain views.
“The property’s strategic location near major local employment hubs coupled with its high-end finishes and best-in-class amenities positions it as an ideal asset for our growing portfolio of investment properties,” said Whitson Huffman, chief strategy and investment officer for Capital Square..”
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- On June 17, 2021