Greystar Buys Suburban Nashville Apartments for $127M

Newmark provided the buyer with an $83.3 million Fannie Mae loan for the 598-unit purchase.
The Lexington

Passco Cos. has sold The Lexington, a 598-unit community in Nashville, Tenn., for $127 million, documents filed with Davidson County show. The buyer, Greystar, financed the acquisition with an $83.3 million Fannie Mae mortgage provided by Newmark. The asset last changed hands in mid-2015, when Passco paid The Carlyle Group $96.1 million for the Class A property.

The deal marks the highest-value multifamily transaction this year in Nashville, according to both Yardi Matrix and a search of public records. The metro’s second-largest 2020 sale—Alliance Residential’s $105 million disposition of Broadstone Stockyard—closed in early November.

Located 10 miles southwest of downtown Nashville at 510 Old Hickory Blvd., the 27-building, garden-style community was built in phases between 1996 and 1998. Now rebranded as Avana Lexington, the property’s one- to three-bedroom units range from 656 to 1,481 square feet. Resident amenities include a private tanning room, a tennis court, a dog park, a fitness center, indoor and outdoor swimming pools and an outdoor kitchen.

Greystar has made a number of high-value acquisitions across the country this year, totaling more than $1.1 billion, from an analysis of data provided by Yardi Matrix. In November, the investor paid $121 million for a Class A portfolio in Charlotte, N.C.