JV Grabs Nashville Apartments for $45M

Admiral Capital and Security Properties purchased the 240-unit property from Venterra Realty, which had acquired the asset in 2012 for $27.7 million.
Hamptons at Woodland Pointe in Nashville, Tenn.

A joint venture between Admiral Capital Group and Security Properties has acquired the 240-unit Hamptons at Woodland Pointe in Nashville, Tenn. The seller, Venterra Realty, traded the garden-style community for $45.3 million, or just under $190,000 per unit, according to Yardi Matrix. The new owner financed the acquisition with a $31.9 million Fannie Mae loan.

The property previously changed hands in 2012, when Venterra picked up the asset for $27.7 million from TA Associates Realty. In January this year, Venterra acquired a 171-unit community in Nashville for $34 million.

Appealing lakeside location

The community, which is situated on 19.3 acres, is located in Nashville’s Donelson/South Hermitage submarket at 1501 Woodland Pointe Drive. Downtown Nashville—12 miles to the east—is accessible via Interstate 40, which runs two miles north of the property. 

Swimming pool at Hamptons at Woodland Pointe

“Hamptons was appealing to us because of the combination of unique product type and the location that is near not only dominant jobs nodes but also Percy Priest Lake,” said Tad Johnson, senior investment manager at Security Properties, in a prepared statement. “As the Nashville MSA continues to attract employers, the long-term competitive advantages at the asset-level should create value for our investors.”

The property’s 20 buildings were constructed in 2001 and include a mix of one-, two- and three-bedroom apartments, ranging in size from 677 to 1,491 square feet. As of April, the property was 95 percent leased, according to Yardi Matrix data. Community amenities include a swimming pool, a fitness center, a clubhouse, a business center and laundry facilities. A total of 495 parking spaces are available for residents.

Image courtesy of Admiral Capital Group and Yardi Matrix