Nashville Monthly MHN Wrap-Up (Feb. 2020)
Waterton dives into Music City with $140 million buy. Hamilton Zanze pays $111 million for two assets. Check out our list of February's Nashville must-reads.
Reserve at Oakleigh. Image courtesy of Capstone Apartment Partners
As Music City’s rent growth continues to outperform the national average, buyers are lining up. Alongside several major transactions closing in February, a national investor made its first, $140 million move into town. Catch up with our selection of headline-grabbing multifamily deals from February:
1. DEAL – Hamilton Zanze pays $111 million for two suburban communities.
The investor began the month with the $58 million purchase of the 269-unit Springfield Apartments, located at 3726 Manson Pike, from Bonavic Development. At the end of February, the firm also acquired the 248-unit Commonwealth at 31 for $53.3 million from Commonwealth Capital Partners. The Class A asset at 2880 Commonwealth Drive had opened its doors in mid-2017. The acquisitions were financed with two Fannie Mae loans totaling $69.6 million, provided by Newmark Knight Frank and CBRE Capital Markets.
2. DEAL – Newly opened Franklin property sells for $83 million.
Starlight Investments acquired the 328-unit Mosby Cool Springs from Middleburg Communities, according to Nashville Post. Located on 24 acres at 2007 Knoll Top Lane, the community opened its doors in 2019. The developer had financed construction of the property with a $39 million loan from Simmons Bank.
3. DEAL – Waterton makes first Nashville foray with $140 million buy.
Starwood Capital Group finalized the disposition of Nashboro Village, a 994-unit Class B property at 115 Nashboro Blvd. Wells Fargo provided the buyer with a $105 million Freddie Mac loan. The mortgage matures in 2027. The property includes 72 buildings set on 66 acres some 12 miles southeast of downtown Nashville.
4. DEAL – Antioch apartments change hands for $47.4 million.
Cedar Grove Capital bought Reserve at Oakleigh, a 264-unit community located at 3562 Pinhook Road. Capstone Apartment Partners procured the buyer and assisted the seller, Herman & Kittle Properties. Arbor Realty Trust provided the new owner with $39.5 million in financing for the 2017-built asset.
