Sentinel Real Estate Pays $51M for Nashville Apartments
- Aug 26, 2019
Nicol Investment Co. has sold Hayes House Hillsboro Village, a 201-unit Class B community in Nashville, Tenn., to Sentinel Real Estate for $51.3 million, according to Davidson County records. As part of the deal, the buyer assumed an outstanding, $28.5 million loan from Aegon, which the seller took in 2017. The mortgage matures in 2027.
Sentinel has made its share of purchases in the past 12 months, totaling nearly 1,000 units across five states, per Yardi Matrix data. The firm’s national portfolio includes more than 23,000 units, with significant holdings in secondary markets.
Hayes House is located at 2101 Portland Ave. in Nashville’s West End/Green Hills submarket, some 2 miles south of downtown. The 21st Avenue retail corridor is directly north of the asset, and bus routes in the area connect the property to the wider area.
The community, built in 1997, has a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 500 to 1,320 square feet. Amenities include a fitness center, business center and swimming pool. Parking is provided through an on-site multi-level structure with approximately 250 spaces. In July, the property was 94.5 percent occupied, according to Yardi Matrix data.
CBRE’s Russ Oldham, Brett Kingman and Steve Massey represented Nicol Investment Co. in the transaction. Earlier this summer, the same team represented Pollack Shores in its $102 million acquisition of a community 2 miles north of Hayes House.