Lion Real Estate Roars Into Nashville
- Jul 10, 2018
Lion Real Estate Group has acquired Highland Cove, a 206-unit community near Nashville, Tenn., for $16.6 million. The company financed the acquisition with a $12.8 million Freddie Mac loan originated by Berkadia Commercial Mortgage. The seller in the off-market transaction, Read Property Group, had purchased the asset for $5.2 million from Titan Capital in 2012, according to Yardi Matrix data.
Located at 714 N. Due West Ave. in Madison, Tenn., the garden-style community is alongside Interstate 65, 7 miles north of downtown Nashville. The 13-building property, built in 1973, contains a mix of one-, two- and three-bedroom apartments, with floorplans between 698 and 1,100 square feet. The asset provides residents a range of amenities, including a swimming pool, fitness center, laundry facilities and a barbecue area.
“Lion Real Estate continues to grow by identifying and acquiring apartment communities where we can use our expertise to add value,” said Grant Starrett, vice president of Lion Real Estate, in a prepared statement. “Easton Apartments provided a great investment opportunity in an area we believe in and where we are confident in the market fundamentals.”
The new owner has rebranded the property as Easton Apartments. The KirklandCo.’s Dennis Harris represented both buyer and seller in the deal.
Image courtesy of Lion Real Estate Group