By Jeff Hamann
Lighthouse Group has acquired Millwood Manor, a 200-unit apartment community in southern Nashville, Tenn., for almost $13.5 million. At the time of the acquisition, the new owner secured an $11.7 million loan.
Lighthouse has rebranded the property as The Blue Note and intends to use some of the proceeds from the three-year mortgage to carry out significant updates to the asset. Andrew Agee, senior advisor with SVN | AVAT Realty, brokered the deal. The seller, Eight-Nine King Development, purchased the property from J&J Properties in late 2016 for $8.1 million, according to Yardi Matrix data.
Located at 305 Millwood Drive, the garden community’s 14 buildings are situated on 13.5 acres off of Murfreesboro Pike, allowing convenient access into central Nashville—five miles away—via interstates 24 or 40. The property borders a busy retail district along Route 41, featuring several restaurants and shopping options. The Blue Note’s unit mix consists of one-, two- and three-bedroom apartments. Amenities include:
- a swimming pool
- laundry facilities
- 350 parking spaces
- picnic area
“Nashville rents are appreciating faster than anywhere else in the Southeast creating an ideal opportunity for both the seller and the buyer in the transaction,” said Agee, in a prepared statement. “Following the buyer’s proposed large-scale renovations, the property will further increase in value, creating a substantial value-add for the buyer.”
In a recent deal, another SVN team completed the sale of two affordable housing communities totaling 312 units in the Chicago area, on behalf of the seller, Midland Management Co.
Image courtesy of Yardi Matrix
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