Hermitage Community Sold for $13.8M; 254-unit Estates of Brentwood Up for Sale
- Jun 12, 2014
Green Leaf at Hermitage, a 261-unit asset, has been sold by Green Leaf Hermitage LLC, an affiliate of Danville, California-based equity firm Green Leaf Partners, reported Atlanta Citybizlist. The buyer, an affiliate of Old Tappan, New Jersey-based Spyglass Capital Partners, paid $13.8 million for the 5610 Old Hickory Blvd. property. The latter did not use a broker in the transaction, while the seller was represented by Brett Kingman, a director in Multi Housing Advisors’ (MHA) Atlanta office.
Built in 1973, Green Leaf at Hermitage comprises one, two- and three-bedroom units and amenities such as a fitness center, swimming pool, business center, picnic area and playground. The buyer is planning upgrades to both the interiors and exteriors of the low-rise property.
Green Leaf Partners acquired the 43,088-square-foot, 20-acre community in 2008 for $12.5 million, according to PropertyShark.com’s data.
In other apartment news, the 254-unit Estates at Brentwood has been put on the market by current owner Merion Realty Partners and is expected to sell within three months, reports the Nashville Business Journal. The garden-style apartment community is listed with Vincent Lefler, senior vice president of JLL’s Southeast Multi-Family Capital Markets Group. Lefler described the property to the Nashville Business Journal as a “super-exclusive high-end listing” that could very well set a new record in its age category.
The 20-year-old gated community is comprised of one-, two and three-bedroom apartments ranging between 851 and 1,407 square feet in size. Amenities include a pool with outdoor lounge and Wi-Fi, on-site storage units and fully equipped kitchens.
The property is currently managed by Merion Realty Management.
Image credits Green Leaf at Hermitage via Facebook and Estates at Brentwood via Facebook