NexPoint Acquires 2 Communities for $384M
The multifamily REIT picked up residential properties in the Miami and Nashville metro areas.
Arbors of Brentwood
NexPoint Residential Trust Inc. announced the purchases of two multifamily acquisitions in the South totaling $384 million: a 1,520-unit residential community in Pembroke Pines, Fla., that the firm bought for $322 million from GoldOller Real Estate Investments, and a 346-unit community in Nashville, Tenn., that the company purchased for $62.3 million from Investcorp, according to Yardi Matrix.
The Pembroke Pines community, dubbed The Avant at Pembroke Pines, was built in 1986 and is currently 96 percent occupied. The Class B property is located at 11801 Pembroke Road in the Pembroke Pines submarket of Miami and comprises 190 two-story buildings housing a mix of one- and two-bedroom apartments. The community offers a wide variety of resident amenities including a fitness center, business center, clubhouse, tennis court, volleyball court, basketball court, three swimming pools, two spas and 1,520 parking spaces. The acquisition is expected to close at the end of the month.
Arbors of Brentwood is a Class B community built in 1986 and located at 100 Brentwood Place in the Southeast/Brentwood submarket of Nashville. The 20-building property, which is 92 percent occupied, houses a mix of one-, two- and three-bedroom apartments with an average size of 940 square feet. Resident amenities at the community include a fitness center, business center, clubhouse, tennis court, basketball court, three swimming pools and 500 parking spaces.
NexPoint has had a presence in the Southern markets since it launched in 2013. Last fall, the REIT acquired a 210-unit community in the Nashville suburb of Antioch, Tenn., for $27 million.
