Belew Rentals has sold two multifamily properties in Nashville, Tenn., to Archway Holdings for $29 million, according to Yardi Matrix data. The seller had acquired the assets in 2012 and 2013 for a combined $4.2 million. Latitude Management Real Estate Investors provided the buyer with $28 million in acquisition financing to purchase the 363 units. The loans mature in late 2021.
The larger of the two communities, the 233-unit Stone Ridge, is located at 1019 Patricia Drive. The property’s 22 buildings, constructed in 1967 and 1981, contain two-bedroom apartments with between 927 and 1,007 square feet. On-site amenities include a playground, laundry facilities and roughly 500 parking spaces.
The second property, the 130-unit Bristol Ridge, is situated at 307 Glengarry Drive, approximately 1 mile south of Stone Ridge. The asset’s one- and two-bedroom floorplans range from 720 to 1,309 square feet. Community amenities include a swimming pool, tennis court, laundry facilities and clubhouse.
Both properties are within 6 miles of downtown Nashville, accessible via U.S. Highway 41 and interstates 24 and 40. The adjacent Murfreesboro Pike retail corridor provides a wide variety of shopping and dining options. The area is well-connected to public transportation and near Nashville International Airport, located to the east.
This month, TriBridge Residential and Stockbridge Capital Group sold a 254-unit multifamily asset 10 miles south of Archway’s new portfolio for $57.5 million.
Images courtesy of Yardi Matrix