Lion Real Estate Expands Nashville Footprint
- Feb 04, 2019
Brookside Properties has sold Glengarry Heights, a 160-unit Class C community in Nashville, Tenn., for $13.1 million to Lion Real Estate Group. The buyer financed the value-add acquisition with a 12-year, $10.5 million Freddie Mac mortgage originated by Berkadia Commercial Mortgage, according to Yardi Matrix. The new owner will rebrand the asset as The Avery Apartments.
The deal marks Lion’s second purchase in Nashville over the last year. In July, the firm acquired a 206-unit community for nearly $17 million.
Located at 914 Winthorne Drive in the South Nashville submarket, the property is a short drive from the city’s international airport and less than 8 miles southeast of downtown. The community is positioned near the Murfreesboro Pike retail corridor, and a nearby bus stop connects residents to the urban core.
The property, opened in 1965, contains a mix of one-, two- and three-bedroom apartments and townhouses, with floorplans from 680 to 1,450 square feet. The new owner plans to renovate the community’s units and swimming pool.
The Kirkland Co.’s Miller Harris and Southeast Venture’s J. Roscoe High worked on behalf of Lion in the acquisition. The community last traded in 1990, when Brookside purchased the asset from First Equities Associates, following a foreclosure auction the year before.
Image courtesy of Yardi Matrix