NASHVILLE, Tenn. – June 11, 2015 – Aerial Development Group has expanded its footprint in the southeast by purchasing multi-unit developments in Knoxville, Tenn. and Savannah, Ga.
The residential and commercial development company purchased Southwood Apartments in Knoxville and Sunrise Villas in Savannah. Both properties were purchased from individual sellers and are the first properties Aerial Development Group has acquired outside Nashville.
To date, Aerial Development Group has focused on revitalizing urban neighborhoods in Nashville through the renovation and infill of single-family homes and local multi-family projects.
“These are older properties in transitional neighborhoods and we have a great opportunity to transform those neighborhoods for current and future residents,” said Britnie Turner, founder and CEO of Aerial Development Group. “We plan to totally renovate the properties and make them safer and healthier.”
According to Turner, Aerial Development Group plans to spend a couple million dollars to completely renovate and rebrand Southwood Apartments in Knoxville. The property includes 105 one- and two-bedroom units built in the early-1970s and located six minutes southeast of the University of Tennessee campus. Tenants will not be asked to leave during the renovation.
Sunrise Villas in Savannah is approximately seven acres with 148 units in 74, two-bedroom, single-story brick duplexes. Built in the mid-1940s, the duplexes are 99 percent occupied. Turner said Aerial Development Group will add amenities and totally renovate each unit as tenants transition, converting the property into a cottage community. The company has put a new management company in place and will be activating courtyards and community spaces while adding sidewalks and fixing the existing sidewalks to make the community more walkable and friendly for the residents.
“Our growth plan encompasses the southeast corridor, which definitely includes Knoxville and Savannah,” said Christian Longcrier, director of multi-family operations for Aerial Properties, a division of Aerial Development Group. “These properties represent a good value and provide an opportunity to test the markets.”
The Knoxville and Savannah acquisitions total approximately $7.4 million. Aerial Development Group’s goal is to have 2,000 multi-family units by 2018 through acquisition of existing properties and new construction.
Aerial Development Group is a Nashville, Tenn.-based residential and commercial development company that revitalizes urban neighborhoods through renovation and infill. Through its social venture business model, the company donates a percentage of its profits to improve lives locally and globally. In only five years, the company has built more than 250 homes and has entered the multi-family, mixed-use development market. For more information, visit www.aerialdevelopmentgroup.com or call (615)669-6785.
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