Praedium Group Pays $96M for Nashville Community
The property came online last year.
The Praedium Group has acquired The Sound at Pennington Bend, a 296-unit community in Nashville, Tenn. Lincoln Property Co. sold the asset for $95.7 million, with Metropolitan Life Insurance Co. providing $57.4 million in acquisition financing, Yardi Matrix data shows.
Completed last year, the community is spanning across 14.3 acres and comprises eight buildings with one-, two- and three-bedroom floorplans, ranging from 674 to 1,554 square feet. All units are equipped with granite countertops, stainless steel appliances, a smart home system, full-size washers and dryers, walk-in closets and private balconies or patios.
Community amenities include a clubhouse, pool, expansive sun deck with cabana, business center suite, coworking spaces, fitness center, covered outdoor fireplace, dog park and dog spa. The development is NGBS Bronze certified regarding energy efficiency, water efficiency, resource efficiency, lot development, maintenance and indoor air quality.
Located at 330 Pennington Centre Blvd., the community is close to various dining, retail and entertainment options, within a mile of Music Valley Village and within 2 miles of Opry Mills Mall. Two Rivers Park is within 3 miles of the property, offering residents access to green areas, bike trails and golf courses.
Just last month, Praedium also acquired Winter Park 2, a 222-unit community in Winter Park, Fla., for $75.5 million.