Nashville-Area Community Commands $47M
- Feb 10, 2020
Herman & Kittle Properties has sold Reserve at Oakleigh, a 264-unit community in Antioch, Tenn., for $47.4 million. Capstone Apartment Partners represented the seller and procured the buyer, Cedar Grove Capital.
Built in 2017, the 12-building property comprises one- to three-bedroom apartments, which feature walk-in closets and washer/dryer units. Common-area amenities include a swimming pool, fitness center, picnic area, business center and pet park. According to Yardi Matrix, the asset was 90.2 percent occupied as of December 2019.
Located at 3562 Pinhook Road, on 15 acres, Reserve at Oakleigh is within 4 miles of Interstate 24 and 9 miles of Nashville International Airport. The surrounding area has several retail and dining options including Global Mall at the Crossings, which is 3 miles from the asset.
Capstone’s transaction team was led by Senior Advisor Bryse Toothaker, Managing Director Adam Klenk and Investment Sales Advisor Tyler Mayo. According to Toothaker, investor interest has been elevated in the area due to job growth and development activity in the Southeast Nashville submarket. Earlier this month, Toothaker was part of a team that procured the buyer for a $19.2 million off-market sale in Savannah, Ga.