Morgan Properties Lands $91M Multifamily Portfolio
Constructed between 1969 and 1979, the four communities in and near Nashville, Tenn., total 826 units. The buyer took a nearly $75 million Fannie Mae loan to finance the acquisition.
Cardone Capital has sold its 826-unit Nashville, Tenn., multifamily portfolio to Morgan Properties for $91 million. The buyer financed the acquisition of the four communities with a $74.9 million Fannie Mae loan originated by PGIM Real Estate Finance, according to Yardi Matrix.
ARA Newmark’s Dan Phelan represented the seller in the transaction. Cardone purchased the portfolio from Cunat in March 2015 for $63 million. The communities in the transaction include: The 186-unit Lincoya Bay located at 3000 Lincoya Bay Drive in the Donelson/South Hermitage submarket; the 200-unit Hickory Creek at 1150 Vultee Blvd. in South Nashville; the 238-unit Jackson Grove at 3417 Lebanon Pike in Hermitage, Tenn., and the 202-unit Sheffield Heights at 700 Airways Circle in the Shores/Hermitage submarket.
The portfolio contains a mix of studios, one- to three-bedroom apartments and townhouse units, with floorplans ranging from 615 to 1,650 square feet. Built between 1969 and 1979, each of the communities has a swimming pool, a fitness center and a clubhouse.
In February, Cardone acquired a 507-unit multifamily asset in Houston from Fairfield Residential.
Images courtesy of Yardi Matrix