GVA Pays $31M for Southeast Nashville Apartments
- Mar 12, 2021
GVA Real Estate has paid $31.1 million for the 252-unit Timberlake Village near Nashville, Tenn., from The Michelson Organization, according to Davidson County records. The new owner assumed the outstanding balance of a $20.1 million Fannie Mae loan the seller took out in 2018. Walker & Dunlop is servicing the financing, which features a 4.37 percent interest rate and a maturity date set for the beginning of 2029.
Located at 325 Blue Lake Circle in Antioch, the community is adjacent to Interstate 24, almost 8 miles from Nashville International Airport and 13 miles southeast of downtown Nashville. Completed in 1986, the property comprises one- and two-bedroom apartments in 18 two-story buildings. Common-area amenities include a tennis court, fitness center, pool and business center.
At the end of last year, GVA Real Estate acquired three properties totaling 475 units in the Nashville, Tenn., area. According to Yardi Matrix data, GVA Real Estate already owns almost 730 units across six properties in the metro.