Luxury Nashville Community Sells for $69M
- Aug 05, 2019
Centennial Holding Co. has sold Providence Trail Apartments, a 334-unit luxury community near Nashville, Tenn., for $68.5 million to Bluerock Real Estate, according to Yardi Matrix. The buyer secured a $48 million Freddie Mac acquisition loan through KeyBank, which matures in 2026.
The property opened its doors in 2007, with developer MLP trading the asset to TriBridge Residential shortly after completion in a $29.5 million deal. Centennial acquired the community in late 2014 for $47.8 million.
Located at 2500 Aventura Drive in Mount Juliet, Tenn., the Class A asset’s 10 three-story buildings are less than 20 miles east of downtown Nashville and 1 mile from Interstate 40. The property is next to RPT Realty’s 828,000-square-foot Providence Marketplace, an open-air retail center. The suburban area is gaining traction with both investors and developers: A planned 192-unit transit-oriented community less than 3 miles north is scheduled to break ground this year.
Providence Trail’s unit mix includes one-, two- and three-bedroom apartments, with floorplans ranging from 830 to 1,271 square feet. The property has two swimming pools, a business center, a fitness center and a dog park. In June, the asset was 93.4 percent occupied, per Yardi Matrix data.