Magma Equities Purchases Nashville-Area Community for $27M

The new owner plans to invest in a multimillion-dollar capital improvement program.
Charleston Hall. Image courtesy of Magma Equities

Multifamily investment firm Magma Equities has acquired Charleston Hall Apartments, a 194-unit residential community in Smyrna, Tenn. A private investor sold the property for $27 million. 

Kirkland Cos. represented the seller in the deal.

Built in two phases, between 1986 and 1996, the property comprises one-, two- and three-bedroom apartments and townhomes, in 22 two-story buildings. Common-area amenities include a swimming pool, basketball court and playground. California-based Magma has selected Elmington Property Management to run operations at Charleston Hall. The new owner also plans to invest in a multi-million-dollar capital improvement program.

Located at 351 Sam Ridley Parkway E., on approximately 9 acres, Charleston Hall is within 3 miles of Smyrna/Rutherford County Airport and about 20 miles from Downtown Nashville.

Magma Equities currently manages a portfolio of multifamily assets located in Washington, California, Arizona, Texas, Tennessee and North Carolina. In April, the company purchased a 312-unit property in Durham, N.C. for $50 million from seller J.A. Fielden.