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. 


Chattanooga's Million Dollar Homes

Real Estate Transfers For Nov. 28-Dec. 4

Kim Bass: Checklist For Getting Your House Guest-Ready


Chattanooga's million dollar homes include freshly minted townhomes at Cameron Harbor and at Walnut Street: - 774 Latitude Circle townhome at Cameron Harbor. It includes three bedrooms, five ... (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)

It feels great to have a clean, organized, well-functioning home when you’ve got guests coming, especially around the holidays. It’s like your gift to you. Use this checklist from the National ... (click for more)


Real Estate

Chattanooga's Million Dollar Homes

Chattanooga's million dollar homes include freshly minted townhomes at Cameron Harbor and at Walnut Street: - 774 Latitude Circle townhome at Cameron Harbor. It includes three bedrooms, five bathrooms and almost 4,000 square feet and is on the Riverwalk. It was sold by Cameron Harbor LLC to John Michael Roney for $1,250,000 - block of Walnut Street between Aquarium Way and ... (click for more)

Real Estate Transfers For Nov. 28-Dec. 4

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 this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Breaking News

Joint Meeting Of County Commission, School Board Does Not Produce Consensus Sought By County Mayor

Improving reading among K-3 students and bolstering classroom discipline were topics when the County Commission and School Board got together on Monday night. However, County Mayor Jim Coppinger said the joint session at Red Bank Middle School did not produce the consensus he had hoped for on a number of school improvement goals. A school employee was stationed at a blackboard ... (click for more)

Developer To Proceed With Controversial Walden Project After Planning Commission Declines To Intervene; Lee Davis Says Town To Face Traffic, Environmental Woes

The Chattanooga-Hamilton County Regional Planning Commission on Monday chose to take no action on the zoning ordinance previously approved last month by the Walden Town Council, clearing the developer to proceed with a controversial Walden Town Center. The development slated for Taft Highway on Signal Mountain will include a full-service grocery store, fuel station, retail, offices ... (click for more)

Opinion

There's Always Been A Rich Abundance Of Wildlife In St. Elmo

It's really not unusual to see coyotes in St. Elmo. They've been venturing down from the mountains and elsewhere for decades and as far back as I can remember. Right along with raccoons and other critters, large and small. In fact this summer, being a very light sleeper, I was awaken by a sudden noise outside only to look outside and see five very large and healthy raccoons in my ... (click for more)

Roy Exum: A Bless-ed Christmas Gift

It was back in April when I read a wonderful story on one of the websites I scan during My Morning Readings. It had a story that caught my soul. The website is “Little Dumb Man” and, because I am most certainly one of those, it is a continuous joy for me to visit. The story was entitled “15 Signs That Show Someone is a Real, True Friend.” I read it and printed a copy off to save ... (click for more)