Hamilton Zanze has acquired Commonwealth at 31, an apartment community in the Nashville suburb of Spring Hill, Tenn., for $53.3 million. The 248-unit multifamily property was sold by Commonwealth Capital Partners, according to Yardi Matrix.
Built in 2017, Commonwealth at 31 is Hamilton Zanze’s third acquisition so far in 2020 and the fifth acquisition to date in the Nashville metropolitan region.
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Located at 2880 Commonwealth Drive, the three-story community features expansive one-, two- and three-bedroom apartments that average more than 1,000 square feet in size. The residences feature above-average ceiling heights, in-unit washer-dryers, private balconies, walk-in closets and stainless steel appliances. Among the leading common-area amenities of the multifamily property is an on-site dog park.
Commonwealth at 31 recently reported an occupancy level of 83.9 percent. The sale was subject to a $30.6 million Fannie Mae loan originated by CBRE Capital Markets, according to Yardi Matrix. The sale was brokered by Miller Harris, Dennis Harris and William Kirkland of the Kirkland Co.
Hamilton Zanze plans to launch a capital improvement program that will focus on exterior renovations, community amenity upgrades and environmentally-conscious interior investments. Property management responsibilities have been newly assigned to Mission Rock Residential, a Hamilton Zanze affiliate.
“Our acquisitions team worked diligently with all parties involved to close this transaction,” David Nelson, Hamilton Zanze’s managing director of acquisitions, told Multi-Housing News. “Commonwealth at 31 will provide our investors with another tremendous opportunity to invest in the growing Nashville market.”
Commonwealth at 31 is a 35-minute drive south of downtown Nashville, giving residents access to highly-ranked universities including Vanderbilt University and Columbia State Community College. Also nearby are three shopping centers within seven-tenths of a mile: Bellshire Village, The Commons at Spring Hill and Overlook Center. A nearby recreational amenity, Pinkerton Park in adjacent Franklin, features picnic groves, walking trails, and multiple playgrounds.