Aimco Sells Nashville Apartments for $24M

KeyBank provided the buyer with more than $18 million in Fannie Mae acquisition financing for the purchase of the 150-unit community.
Post Ridge Apartments. Image via Google Maps

Hamilton Zanze has purchased the Post Ridge Apartments, a 150-unit Class B community in Nashville, Tenn., for $23.5 million from Aimco, according to records from Davidson County. KeyBank originated $18.1 million in acquisition financing through Fannie Mae.

Located at 595 Hicks Road in the city’s Bellevue submarket, the garden-style community’s 21 buildings are situated near Interstate 40, roughly 13 miles southwest of downtown Nashville. The property is within 1.5 miles of two retail centers with a wide range of shopping and dining options.

Post Ridge contains a mix of two- and three-bedroom apartments and townhome units, with floorplans between 1,375 and 1,980 square feet. Community amenities include a swimming pool, clubhouse and playground, along with approximately 310 parking spaces. The asset was 97.3 percent occupied as of February, per Yardi Matrix data.

Aimco sold the property the same day it traded a nearby 326-unit community for $56.7 million. Hamilton Zanze was also involved in the deal, partnering with Cantor Fitzgerald to acquire the asset located roughly 1 mile south of Post Ridge.