TriBridge Buys 2 for $52M in Nashville
- Mar 18, 2020
GBT Realty has sold a 177-unit multifamily portfolio in Nashville, Tenn., to TriBridge Residential for $52.2 million, according to documents recorded by Davidson County.
The buyer of the 101-unit Village 21 and 76-unit Belcourt Park secured $33.5 million in acquisition financing from Fidelity Life to close the deal. Both communities delivered in the city’s Hillsboro Village neighborhood in the past three years.
The four-story Village 21, located at 1620 21st Ave. S., was completed in late 2017 after approximately two years of construction work. GBT had financed the project with $30.7 million from U.S. Bank, Yardi Matrix shows. The property has a unit mix of studio, one- and two-bedroom floorplans, averaging 734 square feet. Community amenities include a swimming pool, a fitness center and underground parking. The base of the building contains approximately 22,000 square feet of retail space.
Belcourt Park, located a short walk to the east down Wedgewood Avenue, is at 1710 Belcourt Ave. The five-story property came online in mid-2018 and has a similar unit mix to Village 21, though with smaller floorplans at an average of 646 square feet. Amenities include a fitness center, clubhouse and coffee bar.
TriBridge’s acquisition comes after a strong year of divestment activity in the Southeast. Yardi Matrix shows the firm sold a total of 1,011 units for $196 million in three major markets during the past 12 months. In October, the company traded a 147-unit property in Charlotte, N.C., for $39 million.