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.