December 20, 2021
CHATTANOOGA, TN - SVN Multifamily LLC., a leading commercial real estate brokerage firm specializing in multifamily real estate, announced today 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. Andrew 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 Andrew 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. 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 US in 2021, with $80 million in transactions based in Chattanooga. For more information about this transaction or other transactions in the Chattanooga area, contact Andrew Agee with SVN Multifamily at email@example.com.
About SVN Multifamily
SVN Multifamily LLC. is a full service commercial real estate brokerage firm specializing in multifamily real estate and dedicated to helping investors and landlords grow their portfolios. Headquartered in Huntsville, Alabama, SVN Multifamily manages the sale of properties across the Southeast United States, including Alabama, Tennessee, Mississippi, North Carolina and Georgia. We are a national leader in the multifamily industry with a history of success, managing more than $500 million in transaction volume and more than 12,000 units sold.
With more than 12 years’ experience in the multifamily space, our industry expertise, national marketing platform and relationships with thousands of buyers and financiers enables our team to provide superior value to our clients. SVN Multifamily advisors offer both national reach and local expertise. Whether you’re looking to buy or sell a single property or a geographically diversified portfolio, our advisors have the capability to advise you on your multifamily needs.