Harbor Group Pays $51M for Nashville Community

Greystone originated more than $40 million in Freddie Mac acquisition financing for the buyer of the 407-unit Class B multifamily asset.
The Cedars at Elm Hill
The Cedars at Elm Hill

Lighthouse Group has sold The Cedars at Elm Hill, a 407-unit Class B community in Nashville, Tenn., to Harbor Group International for $50.5 million, according to public records. Greystone provided $40.2 million in acquisition financing through Freddie Mac. The loan matures in 2029.

Toward the end of 2018, Harbor Group also purchased a community in New Rochelle, N.Y. After joining forces with Azure Partners, the company acquired a 588-unit property for nearly $260 million.

Located at 2131 Elm Hill Pike in Nashville’s Clovernook submarket, The Cedars at Elm Hill is 5 miles east of the central business district. Due to the asset’s proximity to Nashville International Airport, a wide variety of hotels are within 2 miles of the property, with numerous shopping and dining options along the Donelson Pike retail corridor. A bus route alongside the community connects residents to the city’s downtown.

The Cedars at Elm Hill, constructed in 2003, contains 19 two- and three-story buildings. The property has a mix of one- to three-bedroom units, with floorplans ranging from 715 to 1,250 square feet. Community amenities include three swimming pools, a fitness center, a business center, a clubhouse and laundry facilities. As of January, the asset was 97.1 percent occupied, per data from Yardi Matrix.

Image courtesy of Yardi Matrix