Greystar Pays $28M for Southwest Nashville Property

The 180-unit suburban community traded for more than double the price it sold for in 2006.
Avana Bellevue

Greystar has finalized the acquisition of Avana Bellevue, a 180-unit Class B community in Nashville, Tenn. Eaton Vance Investment Managers sold the property for $28 million, according to public records. The asset last changed hands in 2006, when The Michelson Org. sold it for $11.1 million, Yardi Matrix data shows.

Located on 16 acres at 2100 Waterford Circle in southwestern Nashville’s Bellevue neighborhood, the garden-style community’s 25 two-story buildings opened in 1994. The property’s unit mix of one- to three-bedroom apartments ranges in size from 519 to 1,339 square feet. Amenities include a laundry facility, fitness center, swimming pool, tennis court and playground.

Avana Bellevue is within walking distance of the Highway 70 South retail corridor, where a variety of shopping and dining options are available. Additionally, the property is 2 miles from Interstate 40 and 13 miles from downtown Nashville.

Last December, Greystar paid $96 million to IMT Capital for Avana Desert View, a 412-unit community in Scottsdale, Ariz. Walker & Dunlop provided $64.7 million in Freddie Mac financing for the acquisition.