SVN Multifamily LLC. announced on Tuesday the sale of Park Oak and Park Crest Apartments, a portfolio of 410 units located in the greater Chattanooga area. According to Andrew Agee, managing director of SVN Multifamily, the portfolio sold for $32.5 million.
Mr. Agee and Joseph Shaw of SVN Multifamily facilitated the transaction and represented both the seller and buyer.
“This was a very rewarding transaction to facilitate,” said Mr. Agee. “We’re happy to be involved with the development of Chattanooga and expand our business’s presence in the area to better serve multifamily real estate clients.”
Both apartment communities were owned by Park Properties, who developed the properties in the late 1980s and has managed them throughout their lifespan.
Officials said, "The properties are very well constructed, strong Class B Assets." The buyer, from New Jersey, bought the properties as uplegs to a 1031 exchange, and plans to renovate the units and hold the properties for the long term.
SVN Multifamily managed more than $250 million in transaction volume across the Southeast U.S. in 2021, with $80 million in transactions based in Chattanooga.