ATHENS AND CLEVELAND, TENN. — SVN Multifamily LLC has arranged the $32.5 million sale of Park Oak and Park Crest Apartments, two multifamily properties with a total of 410 units located in Athens and Cleveland. Andrew Agee and Joseph Shaw of SVN Multifamily represented both the seller, Park Properties, and the buyer, New Jersey-based C.J. Lombardo Co. The buyer plans to renovate the units including upgrading interiors with LVT flooring and new appliances, as well as painting the exterior.
Built in 1990, Park Crest offers 160 units with features such as washer and dryer hookups, a security system, storage units, dishwasher, walk-in closets and a balcony. Community amenities include laundry facilities, a car wash area, clubhouse, fitness center, pool and a picnic area. Located at 2108 Congress Parkway S. in Athens, the property is situated adjacent from the Tennessee College of Applied Technology and 56.5 miles from Chattanooga.
Built in 1989, Park Oak offers 250 units with unit features including washer and dryer hookups, a security system, dishwasher, walk-in closets and balconies. Community amenities include a pool, fitness center, laundry facilities, car wash area, business center, playground and a basketball court. Located at 1159 Harrison Pike in Cleveland, the property is situated 32.4 miles from Chattanooga and 1.2 miles from Lee University.