Park Ridge Apartments In East Ridge, Lakeshore Apartments In Fort Oglethorpe Part Of $70 Million Transaction

Wednesday, November 20, 2019

Andrew Agee, managing director at SVN IAvat's Multi-Family office, has brokered the $70 million sale of the American Heritage Portfolio, a 10-property, 1,513 unit portfolio of apartment assets located across four states, including Tennessee (Chattanooga/Nashville), Georgia (Fort Oglethorpe), Arkansas (Texarkana), and Texas (Texarkana/Paris). 

The properties in Chattanooga Metro included Park Ridge Apartments in East Ridge, and Lakeshore Apartments in Fort Oglethorpe.  

American Heritage Properties (AHP), and its founder William Weitzel, were originally conceived and originated in Chattanooga.  AHP had managed and held the majority of the properties for more than 10 years; retirement of the key Principle at AH was the primary reason to dispose of the portfolio.

The properties ranged in age from 1977 to 1990, with the average age being 1986. The structures were mostly brick, 2-3 story garden style product with the typical pool, tennis court, and clubhouse/leasing office amenity package. The buyer purchased the property for improvement, and plans to invest  up to $7 million in exterior and interior renovations over the next 24 months and bring rents to market.  Arbor Financial facilitated the financing for the purchase, and the entire transaction was completed in less than 120 days.   

A private buyer headquartered in Nashville purchased the portfolio from American Heritage Properties, headquartered in Texarkana,Tex. 


Register Of Deeds Office Reports Increase In Real Estate Transactions

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Real Estate Transfers For July 2-8


The Hamilton County Register of Deeds reported increases in all real estate transaction areas for fiscal year 2019 compared to fiscal year 2018. Hamilton County Register of Deeds Marc Gravitt ... (click for more)

Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment ... (click for more)

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)



Real Estate

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The Hamilton County Register of Deeds reported increases in all real estate transaction areas for fiscal year 2019 compared to fiscal year 2018. Hamilton County Register of Deeds Marc Gravitt said, “Facing the Covid-19 pandemic, job furloughs and downturn in the stock market, the Hamilton County real estate market remains very strong.” During the recent shutdown months, the ... (click for more)

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Hannah Muller has been named volunteer engagement manager of Habitat for Humanity. Ms. Muller relocated from Nashville where she served in a similar capacity. Officials said, "Her appointment comes at a time requiring an additional emphasis for the safety of volunteers as they support non-profit organizations." Habitat President and CEO David Butler noted that Ms. Muller ... (click for more)

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