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. 

Latest Headlines
Real Estate
Kadi Brown: 2024 February Market Report
Kadi Brown: 2024 February Market Report
  • 3/14/2024

The housing market is showing signs of healthy activity, according to the latest report for February 2024. Existing home sales have seen a notable increase, marking the most energetic pace since ... more

Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
  • 3/14/2024

Chattanooga Housing Authority has been awarded a grant for the Butterfly Effect Program funded in part by the Open Space Institute, in partnership with Thrive Regional Partnership and support ... more

Lookout Valley Motel Sells For $3,410,101
Lookout Valley Motel Sells For $3,410,101
  • 3/14/2024

The Super 8 by Wyndham in Lookout Valley has sold for $3,410,101. It is located at 20 Birmingham Highway. The sale was to Shivsakti Llc from B R Lookout Hospitality Llc. more