Electra America Enters Nashville Market

The investor has completed its first acquisition in the metro with the purchase of Lyric on Bell, a 336-unit Class B community.
Lyric on Bell
Lyric on Bell

Electra America has purchased the 336-unit Lyric on Bell, a Class B community near Nashville, Tenn., from a joint venture between Goff Capital Partners and Crescent Real Estate, according to Yardi Matrix data. The buyer financed the acquisition with a 10-year, $28.3 million Freddie Mac loan originated by SunTrust Bank.

The transaction is Electra’s first acquisition in the market. In May, the firm expanded its Tampa portfolio with the acquisition of the 216-unit Waters Edge.

Located at 455 Arbor Place in Antioch, Tenn., the community’s 17 buildings are 12 miles southeast of downtown Nashville, accessible via Interstate 24. The area is home to a wide variety of shopping and dining options, including the 1.1 million-square-foot Global Mall at the Crossings.

Lyric on Bell contains a mix of one-, two- and three-bedroom apartments, with floorplans ranging from 749 to 1,550 square feet. Community amenities include two swimming pools, two tennis courts, dog park, business center and fitness center. As of October, the property was 97 percent occupied.

Image courtesy of Yardi Matrix