Capstone Arranges Nashville-Area Portfolio Sale
- Dec 04, 2020
Capstone Apartment Partners has brokered the sale of three properties totaling 475 units in the Nashville, Tenn. area. MACC Venture Partners sold the garden-style portfolio to GVA Real Estate.
Partner Alex McDermott, Managing Director Adam Klenk, Senior Advisor Tyler Mayo and Advisor Jonathan Hawks led the Capstone team representing the seller and procuring the buyer. Earlier this year, the brokerage closed the sale of another property in Tennessee, the 96-unit Villages of Campbell Oaks luxury community, which traded for $9.5 million.
The three-asset portfolio—comprising Crossings at East Nashville, Crossings at Madison and Flats at Nolensville—last changed hands in 2018, when Hyde Capital Group sold it for $35.5 million, Yardi Matrix data shows. In the recently closed deal, Flats at Nolensville sold for $24.6 million, according to public records. CBRE provided the $18.6 million acquisition loan, set to mature in 2030.
Music City trio
All three communities were built in the 1970s and have recently been upgraded. At the time of the sale, 298 of all 475 units had renovated interiors, with more than 93 percent of apartments occupied.
The 158-unit Crossings at East Nashville is located at 321 Walton Lane in Madison, Tenn., just off U.S. Route 155 and 8 miles north of central Nashville. On-site amenities include a swimming pool, grilling area and clubhouse.
The 112-unit Crossings at Madison at 110 Archwood Place in Madison, Tenn., is situated on the northeastern outskirt of the city, with Downtown 10 miles away. The asset includes a swimming pool, dog park, tennis court and playground.
Flats at Nolensville is located at 5319 Nolensville Pike, 10 miles southeast from central Nashville, just off U.S. Route 41A. The community encompasses 205 units and common-area amenities, such as a swimming pool, tennis court, soccer field and grilling area.