316-unit Amberleigh Ridge gets new owners

316-unit Amberleigh Ridge gets new owners

March 16th, 2013 by Staff Report in Business Around the Region

Amberleigh Ridge Apartments border the 7200 block of East Brainerd Road near Interstate 75.

Photo by Tim Barber /Times Free Press.

The Amberleigh Ridge Apartments in East Brainerd are under new ownership and management this week as Chattanooga's red hot apartment market continues to draw investors.

A real estate partnership formed by Silman Enterprises Inc. of Bloomfield Hills, Mich., bought the 316-unit apartments for $33.7 million -- the third sale of a Chattanooga apartment complex for more than $20 million in less than six months, according to filings with the Hamilton County Register of Deeds.

At more than $106,000 per unit, the sale of the 2-year-old Amberleigh complex was one of the richest yet in Chattanooga's apartment market.

The new owners hired Hawthorne Residential Partners of Greensboro, N.C. to manage the complex. Ashley Griffith is the new manager of the complex at 9891 Aventine Way off East Brainerd Road. She said the new management team will sponsor more events for residents and upgrade the fitness center, dog park and cabanas.

"We're well over 90 percent occupied, and this is a great facility we want to make even better," she said.

Amberleigh's sale follows the sale of the 280-unit Mountain Brook Apartments in Red Bank earlier in March for $20.7 million and the sale late last year of the 240-unit Standifer Place Apartment Homes in Ooltewah for $25.3 million.

Rock Apartment Advisors, a real estate services firm in Alabama, lists Chattanooga as one of the best markets for occupancy and growth potential for apartments in the Southeast.