Cushman & Wakefield Represents Continental Properties in Sale of Springs at Chattanooga Apartment Complex
PointOne Holdings Will Rebrand as Hunters Point after $31 Million Acquisition
ATLANTA, GEORGIA – OCTOBER 25, 2016
Cushman & Wakefield announced today that the firm represented Continental Properties in its sale of the Springs at Chattanooga apartment complex 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 Continental Properties in the sale of the property.
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’s 94 percent occupied and is within one interstate exit of the 1.9 million-square-foot Volkswagen assembly plant and the 1 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,” 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.”
About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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