Nashville Community Changes Hands for $27M
NexPoint Residential Trust acquired the 210-unit suburban Class B garden-style property, financed by a 7-year, $17 million Freddie Mac loan.
NexPoint Residential Trust has acquired Cedar Pointe, a 210-unit community in the suburbs of Nashville, Tenn., for $26.5 million, according to Yardi Matrix. The buyer financed the acquisition with a 7-year Freddie Mac loan originated by CBRE Capital Markets.
Located at 1157 Bell Road in Antioch, Tenn., the property’s 11 three-story buildings are situated near Interstate 24, approximately 10 miles southeast of downtown Nashville. The community is within a mile of a large number of retail assets, including the 1.1 million-square-foot Global Mall at the Crossings. A bus route operates nearby, providing direct access into the city.
The community, built in 1988, contains a mix of studio, one-, two- and three-bedroom units, with floorplans ranging between 750 and 1,500 square feet. Amenities include a swimming pool, a laundry facility, a clubhouse, a business center, a fitness center and a tennis court. BH Management is overseeing property management for the asset, per Yardi Matrix.
In July, Lion Real Estate Group paid $16.6 million for a community in Madison, Tenn., 20 miles north of Cedar Pointe.
Image courtesy of Yardi Matrix