Freeman Webb Investments, Inc., a private, full service real estate investment and management firm based in Nashville, has sold two apartment properties -- the 280-unit Mountain Brook Apartments and the 226-unit Ridgemont Apartments -- near downtown Chattanooga for $28 million.
The sale was to ECG Mountain Ridge, a Tennessee limited liability company.
Freeman Webb originally acquired the properties in March of 2013 -- just 18 months ago -- for approximately $20 million during a foreclosure auction. At the time, the company had to move quickly due to the terms of the foreclosure sale, which included a two-hour deadline that required the acquisition to be funded in full the same day of the auction.
"Under the leadership of Mayor Andy Berke, Chattanooga is a city on the rise -- the multi-family market is very strong," said Bill Freeman, chairman and co-founder of Freeman Webb, Tennessee's largest owner and manager of apartment properties. "When we purchased these properties, there were no other bidders at the foreclosure sale due to the lenders requirement to fund that day. We were able to make this purchase due to our financial strength and ability to move quickly. We continue to invest heavily in Chattanooga, a market we believe in, and we will look for similar opportunities like this in the future."
Ridgemont Apartments is located on 20 Mason Dr. and was constructed in 1989. Mountain Brook Apartments is located on 1185 Mountain Creek Road and was built in 1986.
Freeman Webb is annually ranked as one of Nashville's top 100 private businesses. It was named 2010 "National Property Management Company of the Year" by the NAHB at the annual Pillars of the Industry Awards. The company was named among the top 25 fastest growing business in 2012 by the Nashville Business Journal.
Founded in 1979 by William H. Freeman and James A. Webb III., Freeman Webb is the largest private owner/manager of apartments in Middle and East Tennessee and presently has more than 120 properties under management, containing over 16,000 multifamily units and more than 1.5 million square feet of commercial property. The company specializes in the acquisition, management and renovation of multi-family and commercial property in the Southeast and Midwest. Freeman Webb Inc. employs approximately 500 associates. For more information, visit www.freemanwebb.com.