Preferred Apartment Communities Sells Nashville Asset
A joint venture between Security Properties and Reinsurance Group of America picked up the suburban 364-unit community for $55 million.
A joint venture between Security Properties and Reinsurance Group of America has acquired Stoneridge Farms at the Hunt Club, a 364-unit community northeast of Nashville, Tenn., for $55 million, according to Yardi Matrix. The seller, Preferred Apartment Communities (PAC), purchased the asset in September 2014 as part of a $182 million portfolio transaction.
In October, PAC bought a newly built 300-unit luxury community in Tampa, Fla., from Oxford Properties.
Located at 2325 Nashville Pike in Gallatin, Tenn., Stoneridge Farms is approximately 20 miles northeast of downtown Nashville. The property is positioned alongside U.S. Highway 31 East and a retail center with a Kroger supermarket is 1 mile to the northeast.
The garden-style community, built in 2002, contains 36 one-, 260 two- and 68 three-bedroom apartments, with floorplans between 816 and 1,387 square feet. Amenities include a swimming pool, a fitness center, a spa, laundry facilities, tennis and volleyball courts.
CBRE’s Russ Oldham, Brett Kingman and Steve Massey acted on behalf of PAC in the sale.
Image courtesy of Yardi Matrix