CHATTANOOGA, TN – PointOne Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, bought The Springs at Chattanooga for $31 million. The property, located in the city of Chattanooga is a 260-unit, “Class A” garden-style, multifamily rental community, encompassing more than 15 acres and newly built in 2015.

The Springs at Chattanooga is located on Gunbarrel Road, which averages a daily traffic count of 27,000 vehicles. The property is within one mile of the city’s principal retail core, and one exit from the 1.9 million square foot Volkswagen assembly plant and the 1 million square foot Amazon Fulfillment Center, two of the region’s predominate economic drivers. PointOne Holdings will rebrand the community as Hunters Point.

The community’s best-of-class amenities include a resort-style swimming pool, well-appointed clubhouse featuring free Wi-Fi, coffee bar and business center, 24-hour state-of-the-art fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. The property’s well-designed apartment units average a spacious 963 square feet and feature fully equipped kitchens, ceiling fans, garden tubs, laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets.

The company plans to invest $650,000 in capital improvements to the property to implement minimal interior and amenity upgrade programs.

“We are excited to enter the Chattanooga market, a dynamic city with a growing tech/innovation, arts, and dining scene,” said David Lewin, managing member of PointOne Holdings. “The property’s strategic location in East Chattanooga is particularly vital given the influx of jobs at the Volkswagen Manufacturing plant and the regional Amazon distribution hub.”

“The Springs at Chattanooga, PointOne Holdings’ fourth major acquisition in 2016, meets all of our acquisition criteria including a submarket with strong employment and limited new starts as well as solid apartment fundamentals,” said Leo Peicher, PointOne Holdings’ managing member. “We see the property as another vital step in building our diversified portfolio of multifamily and commercial properties.”

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NEW YORK, NY – Mortgage rates continued to rise this week with the benchmark 30-year fixed mortgage rate rising to 3.64 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed inched slightly lower to 3.63 percent, while the average 15-year fixed mortgage rate increased to 2.93 percent. Adjustable mortgage rates were lower this week, with the 5-year ARM dipping to 3.10 percent and the 7-year ARM slipping to 3.29 percent.    

Mortgage rates barely went this week, with the 30-year, fixed-rate mortgage rising just 2 basis points.  The benchmark mortgage rate has risen three weeks in a row, but modestly each time – just a tenth of a percentage point, in total. The direction in mortgage rates is in line with the Federal Reserve’s outlook. In its Beige Book economic roundup issued Wednesday, the Fed said economic activity has been largely “modest” or “moderate,” and that overall price growth has been mild.

At the current average 30-year fixed mortgage rate of 3.64 percent, the monthly payment for a $200,000 loan is $913.79.

SURVEY RESULTS

30-year fixed: 3.64% — up from 3.62% last week (avg. points: 0.24)   
15-year fixed: 2.93% — up from 2.91% last week (avg. points: 0.18)   
5/1 ARM: 3.10% — down from 3.12% last week (avg. points: 0.27)   

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Just under a quarter of respondents – 22 percent – expect mortgage rates to rise over the next week, while only 11 percent predict rates will decline.  The majority of respondents – 67 percent – believe mortgage rates to remain more or less unchanged over the next seven days.

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WEST PALM BEACH, FL – Cortland Partners has bought Arium Palm Cove and Arium at Laguna Lakes, two neighboring communities aptly located in West Palm Beach, Fla. The Atlanta-based multifamily investment and management firm plans to consolidate the communities into a single, larger community to be called Portofino Place.

In so integrating the two communities, Cortland Partners will make synergies in operating efficiency under a cohesive leasing staff and management team, bringing quality service and delivering a superior resident experience. Financial terms for the transaction were not told.

“We’ve had our eye on West Palm Beach for some time and feel it’s an attractive submarket to enter,” said Steven DeFrancis, Cortland Partners Founder and CEO. “Occupancy rates are at an all-time high nationwide and demand for our specific housing offering is stronger than it’s ever been. We look forward to a fruitful, long-term investment future in an exciting location.”

The buy closed on October 14th and is the latest portfolio addition and new market entry for Cortland Partners. As is typical with the company’s portfolio additions, these end-cycle properties will undergo significant renovations meant to provide a superior living experience that promotes interconnectivity, convenience, and a sense of community, dovetailed by luxurious finishes and thoughtful design.

“Our top priority remains ensuring that our residents get the best living experience possible, and by combining these two communities, coupled with significant, transformative renovations and upgrades to existing amenities, we’re setting ourselves apart from competitive offerings,” said DeFrancis. “We are excited to bring the unique Cortland lifestyle offering to this market, providing more people with the quality living experience and state-of-the-art amenities that residents have come to expect from a Cortland community.”

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