An apartment property that opened last year near a Volkswagen assembly earned the 2023 CoStar Impact Award for the top multifamily development in Chattanooga as judged by local real estate experts.
Hawthorne Residential Partners based in Greensboro, North Carolina, opened the Hawthorne at The Crest last January in Ooltewah less than three miles from the factory outside Chattanooga. The property has 8.3% vacancy, according to CoStar data.
Vehicles began rolling off the line in 2011 on what was once the site of an ammunition plant. The plant was expanded to produce VW’s electric ID.4, which began last July. A hiring surge began last year to add 1,000 employees, offering a $3,000 sign-on bonus, to take the number of employees to 4,500.
Hawthorne Residential sold the property last October for an undisclosed price to New York-based Midway investors. Property tax records with Hamilton County, where Ooltewah is located, value the apartments at $38 million.
About the Project: Hawthorne at The Crest has one-, two- and three-bedroom units with premium finishes and resort-style amenities. Community amenities included a saltwater swimming pool, 24-hour café, mediation studio, fitness center and covered kayak storage for tenants who kayak on the nearby Tennessee River.
What the Judges Said: “It supplies housing for the expanding VW plant, great views and quality construction,” wrote JP Evans, leasing director for Urban Story Ventures.
They Made It Happen: Samantha Davenport is founding principal and president of Hawthorne Residential Partners. Ed Harrington and Shoff Allison also are founding principals. Emily Galles is property manager for the company.