Exclusive: UDR Sells 206 Units in Nashville
The transaction ends the firm's more than 30 years of ownership.
Covenant Capital Group has paid $41.5 million for Legacy Hill, a 206-unit multifamily community in Nashville, Tenn., according to Yardi Matrix information. UDR sold the property after 31 years of ownership.
Walker & Dunlop facilitated the transaction through a $29.4 million Freddie Mac loan. Its maturity date is set for 2031.
Legacy Hill occupies approximately 14 acres at 501 Shadowood Drive, close to interstates 40 and 65. Downtown Nashville and and the international airport are both within 21 miles.
The community consists of nine buildings, rising two and three stories, that came online in 1977. The unit mix includes one- to three-bedroom floorplans ranging from 761 to 1,269 square feet. Interiors feature walk-in closets, hardwood flooring, in-unit washers and dryers, private balconies and smart-home technology.
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Common-area amenities include a swimming pool with a sundeck, a fitness center, laundry facilities, a tennis and pickleball court, a picnic pavilion and grilling stations, a playground area. The property also has 420 parking spaces.
The acquisition brought Covenant’s footprint in the metro to 2,400 units. The company previously paid $23 million for The 500 Fifth, a 170-unit residential property in the city’s downtown area.
Nashville’s multifamily investment on the rise
Year-to-date as of June, Nashville’s multifamily transaction volume totaled $608.8 million, according to Yardi Matrix data. A total of 3,259 units changed ownership at an average sale price of $195,121 per unit.
When compared to the first half of 2025, Nashville registered a 21 percent jump in dollar volume and a 1.7 percent decline in pricing. Bank then, the metro’s sales volume amounted to $502.9 million, as 3,922 units sold at $198,477 on average.
In one of the more recent deals, Camden Property Trust acquired a 196-unit community in Franklin, Tenn., for $43.5 million. Eaton Vance Real Estate sold the property after 11 years of ownership.
