Pacific Equities Sells Nashville Apartments
- May 20, 2019
JEM Holdings has acquired 380 Harding Apartments, a 160-unit Class B community in Nashville, Tenn., for $13.9 million from Pacific Equities Group, according to Yardi Matrix. Berkadia provided the buyer with acquisition financing totaling $11.2 million through Fannie Mae.
The transaction is JEM’s fifth acquisition since entering the market in 2015, bringing its Nashville portfolio to 928 units. In 2017, the firm paid $27 million for a newly renovated asset in the city center, steps from the State Capitol.
Located 10 miles southeast of downtown Nashville, 380 Harding is less than 1 mile east of a Walmart Supercenter and the TriStar Southern Hills Medical Center, with Interstate 24 to the East. Constructed in 1973, the asset contains a mix of apartments and townhouse units, with one-, two- and three-bedroom floorplans. The property also has 20 efficiency units, each comprising 486 square feet. In April, 380 Harding was 95 percent occupied, per data from Yardi Matrix.
Another community in the immediate area, the 472-unit Nob Hill Apartment Homes, landed a nearly $30 million refinancing package in March. The Fannie Mae loan pays down $21.7 million in prior debt.