Bond Cos. JV Pays $41M for Nashville Portfolio
- Aug 18, 2020
Archway Holdings has finalized the $41.2 million disposition of Axis and Mosaic, two communities totaling 363 units in Nashville, Tenn. A partnership between Bond Cos. and three private investors acquired the assets, according to Davidson County records. Bond Cos. holds the majority interest stake in the properties.
As part of the deal, the new owner assumed two 10-year, Freddie Mac loans totaling $30.4 million. CBRE Capital Markets provided the refinancing package for the seller in June. The properties previously traded in 2018, when Belew Rentals sold them for $29 million, Yardi Matrix shows.
The 233-unit Mosaic is located on 14 acres at 1019 Patricia Drive and encompasses 22 buildings completed in 1967 and 1981. The asset’s two-bedroom apartments range from 927 to 1,007 square feet. Amenities include laundry facilities, a playground and 500 parking spaces.
Located on 8 acres at 307 Glengarry Drive, the 130-unit Axis was built in 1969. The 16-building community has one- and two-bedroom floorplans between 720 and 1,309 square feet. The property’s amenity mix includes a tennis court, a pool, a clubhouse and laundry facilities.
The communities, located within 1 mile of each other near the Murfreesboro Pike retail corridor, are close to interstates 24 and 40. The properties are 7 miles from the city center and 4 miles from Nashville International Airport.