New Owner for Ridgetop Apartments

NASHVILLE - Renovations at Ridgetop Apartments are being planned by new owner Highmark Ridgetop, L.P., a limited partnership formed by Highmark Holdings, LLC. Highmark Ridgetop L.P.O purchased the apartment complex at 2009 Layman Road in Athens on April 21 for $2.5 million. Ridgetop at Athens is a 96-unit multifamily rental community which was purchased utilizing tax-exempt bond financing allocated by the Tennessee Housing Development Agency. The lender, Berkadia Commercial Mortgage, LLC, as seller/servicer for Freddie Mac, purchased tax-exempt bonds issued by The Health and Educational Facilities Board of the City of Athens. As part of the transaction, Highmark will perform a renovation of the property which will include repairs to buildings, new heating and air conditioners, parking lot repairs, landscaping additions, and various interior upgrades. Ridgetop at Athens will be operated and managed by Enfield Management, a full service property management firm that focuses on the management of residential rental properties. Highmark Holdings, LLC is a Nashville-based developer and sponsor of multifamily housing, specializing in developments which qualify for tax-exempt bond financing. Since 2007, Highmark-sponsored entities have now purchased seven apartment communities in Tennessee totaling 1,336 units. The purchase of Ridgetop at Athens Apartments represents Highmark's first purchase outside of the Greater Nashville area. "The purchase of Ridgetop at Athens Apartments represents another opportunity for Highmark to upgrade and enhance a multifamily asset," said Highmark Managing Director Robert King. "We look forward to providing housing for 96 families and to being an active, contributing part of the Athens community."