Security Properties Nabs $58M Property
- Dec 15, 2016
Nashville, Tenn.—Security Properties, a national real estate investment, development and operating company, and an institutional investor recently purchased The Artessa Luxury Apartment Homes, a 250-unit Class A multifamily property in Cool Springs, a neighborhood of Franklin, Tenn., for $58 million. CBRE represented the seller during the transaction. The Artessa will be Security Properties’ third Nashville metro acquisition in 2016.
Located at Windcross Court, about 21 miles south of Nashville, the property is the newest multifamily asset in Cool Springs. The developer finished construction in January of 2016 and according to Yardi Matrix data, the six-building community consists of 150 one-, 92 two- and eight three-bedroom units. The property features luxurious interiors and common areas. Residents benefit from a fitness center, a business center, a swimming pool and 500 parking spaces. Currently, the property is 90 percent occupied.
“The Artessa is the latest reflection of our company’s continued commitment to the Nashville metro. We are seeking locations that will provide durable cash flow and strong yields. With the great Nashville economy largely driven by recession-resistant healthcare and education sectors, Williamson County having an extremely tight office market, and The Artessa having an advantageous competitive position in its submarket, we expect this acquisition to perform well over a long hold period,” said David Dufenhorst, CEO at Security Properties, in a prepared statement.
Security Properties intends to improve the common areas by adding a barbecue area, installing LED lighting, expanding the business center and adding a sports lounge.
The Artessa was financed with a Fannie Mae 10-year note at a 4.1 percent fixed rate.
Image courtesy of Security Properties