Hawthorne Sells Nashville Apartments for $50M
The 323-unit community last changed hands in early 2015, when Global State Investments sold the property for slightly more than $30 million.
Carroll Org. has acquired Hawthorne South Oaks, a 323-unit Class B community in Nashville, Tenn., from Hawthorne Residential Partners for $50.1 million, according to Davidson County records. The deal comes close on the heels of a $39 million transaction between the two firms for a luxury asset near Charlotte, N.C.
The new owner, which rebranded the Nashville community as ARIUM South Oaks, took a $35 million loan to finance the acquisition. CBRE originated the seven-year Freddie Mac mortgage.
Located at 100 Antioch Pike in the city’s Elm Hill/Woodbine submarket, the community is approximately 6 miles from downtown Nashville. The area is gaining traction with value-add investors: At least six major transactions closed within the first half of the year according to Yardi Matrix, including the $27 million sale of the 212-unit Mallards Landing, 3 miles south of Carroll’s acquisition.
The community was built in two phases—the first 173 units completed in 1984, with the final 150 delivering in 2000. The asset contains one-, two- and three-bedroom apartments ranging from 742 to 1,654 square feet. Amenities include two swimming pools, a car wash area, two dog parks and an on-site nature trail. In April, the property was 91.3 percent occupied, per data from Yardi Matrix.