Affordable Nashville Community Trades for $9M
- May 28, 2019
The Legacy Cos. has sold Legacy at Fairview Apartments, a 112-unit fully affordable community in Fairview, Tenn., to Hallmark Co. for $9.2 million, according to Yardi Matrix. CBRE provided the buyer with $7.4 million in acquisition financing through Fannie Mae.
Located at 1000 Park Village Court, the garden-style community’s 14 buildings are roughly 15 miles southwest of central Nashville, Tenn. Set near the 700-acre Bowie Nature Park, the property is also in close proximity to a Walmart Supercenter and several other retail options along Fairview Boulevard.
Legacy at Fairview Apartments last changed hands in January 2014, when Legacy paid $5.9 million to Aslan Ventures for the asset. Following Legacy’s divestment from the property, the firm has exited the Nashville market, though remains active in a number of other cities in the South, per Yardi Matrix data.
Like many major metros, Nashville has experienced a growing shortage of affordable units. However, developers are beginning to take note. Of the nearly 8,000 units under construction in the area, more than 15 percent are slated to be affordable, including a 153-unit community underway in the Edgewood/12th Avenue South neighborhood.