FCP Buys Nashville Apartment Community Portfolio for $84M
- Sep 21, 2015
Nashville, Tenn.—Federal Capital Partners has entered the Nashville market with the acquisition of a 1,448-unit, four-community apartment portfolio. The company purchased the properties for $84 million through a joint venture with Middleburg Real Estate Partners.
“When entering new markets, we like to lead with strong partners and strong income-oriented investments,” FCP Managing Partner Lacy Rice said. “We’ve been studying Nashville for over two years. Its strong demographic trends make us optimistic this investment will lead to investments in other residential and commercial properties in Nashville.”
FCP recently purchased Mission Stone Ridge, Mission Hickory Highlands, Mission Priest Lake and Mission Madison Square. Located in suburban areas with convenient access to downtown Nashville, the properties feature one-, two- and three-bedroom apartments.
Rent in these communities start at as low as $609 for a one-bedroom unit and could reach $1,142 for a three-bedroom apartment. Amenities include a clubhouse, extra storage, laundry facilities, swimming pools, on-site maintenance, tennis courts, fitness center and pet parks.
Acquisition debt financing was arranged by K.O. Kennedy and Scott Brady at CBRE Nashville and provided by a Capital One team formed by Sadhvi Subramanian, Michael Antonelli and Jennifer Niedzwiecki.
Baird was selected as exclusive financial advisor to Middleburg Real Estate Partners on the transaction. Middleburg will continue to manage the communities.
Image courtesy of Mission Hickory Highlands