Lion Real Estate Buys Nashville Community
The nearly $21 million acquisition of the 202-unit Class B multifamily asset marks the firm’s third deal in the metro in less than one year.
The Sterling Group has sold Hampton Chase Apartments, a 202-unit Class B community in Nashville, Tenn., to Lion Real Estate for $20.8 million, according to public records. Berkadia Commercial Mortgage provided $17 million in acquisition financing through Fannie Mae. CBRE’s Russ Oldham, Brett Kingman and Steve Massey acted on behalf of the seller in the deal.
Located at 2005 Borowood Drive in the city’s Antioch-West submarket, the property is less than 10 miles southeast of central Nashville. The garden-style community’s 21 buildings are situated near the Murfreesboro Pike retail corridor, with a Kroger-anchored shopping center a short distance away.
Hampton Chase contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 800 to 1,250 square feet. Community amenities include a clubhouse, a fitness center, two swimming pools, laundry facilities and a volleyball court. In March, the property was 91.1 percent occupied, per data from Yardi Matrix.
Lion started building its Nashville portfolio less than one year ago, with a 206-unit acquisition. This February, the firm picked up an additional 160 units in a $13 million deal with Brookside Properties.