May 25, 2022
Ringgold, GA - SVN AVAT, a leader in multifamily commercial real estate, recently arranged the sale of Woodland Manor Apartments, a 32 unit complex located in Ringgold, GA. According to Joe Shaw, Director of Investment Sales for TN and north GA, the asset sold for $3,250,000.
Woodland Manor was built by a local Ringgold GA builder in two phases, the first in 1988 and the second in 1999 with each phase consisting of sixteen units. Woodland Manor was then sold to Mahogany Associates, based in San Jose California, in May of 2019 for $2,310,000.
The buyers Homesphere Investments, based in Los Angeles CA, and Westkey Investments, based in Winnipeg Canada, plan to complete a full renovation plan spending up to $10,000- $15,000 per unit in upgrades to raise rents up to $1,300. Their efforts will raise the value of the property and contribute to the growing Chattanooga community.
SVN | AVAT managed more than $250 million in transaction volume across the Southeast US in 2021, with $80 million in transactions based in Chattanooga. For more information about this transaction or other transactions contact Andrew Agee with SVN AVAT at firstname.lastname@example.org