With its 56 townhouses, Sofia's Place is the first residential complex in the commercial and retail hub of midtown Chattanooga, and it has earned a 2024 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals in the market.
The new development is part of the revitalization of the nearby Osborne Office Park, which was purchased in 2017 by Urban Story Ventures. Sofia's Place was built on vacant land within the 475,000-square-foot office complex.
The developers believed that adding a residential space to the area would result in a beneficial relationship between the townhouses and nearby office park, each generating demand for the other.
About the Project: Collier Construction of Chattanooga and RoseRock Capital Group of Texas developed Sofia's Place, completing the work in fall 2023. The townhouse units range in size from 1,600 to 2,200 square feet. The project investment is $19 million. The 56 townhouses at Sofia's Place include two- and three-bedroom unit types, and their introductory rent ranges from $1,690 to $2,190. The complex is fully gated. The townhouses offer drive-in garages, and each unit has a balcony. They are located near the city's riverwalk system. They're also a five-minute drive to the airport and a 10-minute drive to downtown Chattanooga and Hamilton Place.
They Made it Happen: Urban Story Ventures; Generation Property Management; Collier Construction; and RoseRock Capital Group were the firms behind this project.