An entity sponsored by Highmark Holdings, LLC, purchased Cherokee Hills Apartments at 2020 Bates Pike SE in Cleveland for $3,300,000 on Tuesday.
Cherokee Hills is a 96-unit multifamily rental community which was purchased utilizing tax-exempt bonds allocated by the Tennessee Housing Development Agency and issued by The Health and Educational Facilities Board of the City of Cleveland.
Ginger Wilson Buchanan, attorney at law, served as issuer’s council. Berkadia Commerical Mortgage, LLC and Freddie Mac purchased the bonds and serve as the lender.
Highmark will perform a renovation of the property, including repairs to buildings, new heating and air conditioners, parking lot repairs, landscaping additions, and various interior upgrades. Cherokee Hills will be operated by Enfield Management, a full service residential property management firm.
Highmark Holdings, LLC is a Nashville-based developer and sponsor of multifamily housing, specializing in developments which qualify for tax-exempt bond financing. Since 2007, Highmark-sponsored entities have purchased nine apartment communities in Tennessee totaling 1,576 units.
The purchase of Cherokee Hills Apartments represents Highmark’s second purchase outside of the Greater Nashville area. In April of 2015 Highmark purchased Ridgetop Apartments in Athens, Tennessee.
According to Highmark’s Managing Director Robert King, “The purchase of Cherokee Hills Apartments represents another opportunity for Highmark to upgrade and enhance a multifamily asset. We look forward to providing quality housing for 96 families in Cleveland, and to being a contributing part of the community for years to come.”