As the demand for downtown Chattanooga rental housing continues to show growth, a historic family-owned landmark located 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 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, expressed mixed emotions about selling. “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 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.”
Robinson reflects on memories
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.