Renovated Downtown Nashville Community Trades for $27M
A Covenant Capital Group fund sold the 170-unit 500 Fifth Ave. The deal follows a $4 million renovation process the firm completed at the 56-year-old building.
By Laura Calugar
A fund managed by Nashville-based Covenant Capital Group completed the sale of 500 Fifith Ave., a 170-unit community in downtown Nashville. The property traded for $27.3 million after previously selling for $15.8 million in 2015, when Covenant Capital Group purchased the building. According to The Tennessean, JEM Holdings acquired the 1961-built asset.
Located in the heart of downtown Nashville, Tenn., 500 Fifth Ave. provides easy access to interstates 24, 40 and 65. The unit mix includes 108 studios, 54 one- and eight two-bedroom units, according to Yardi Matrix data. The property was formerly known as the Metro Manor Apartments. The sale comes after Covenant invested more than $8.2 million in the project, including roughly $4 million to renovate and modernize the property.
With Covenant’s enhancements, the community was able to add many features. Amenities now include:
- a fitness center
- a resident coffee bar
- a Wi-Fi lounge
- a rooftop swimming pool
- a bike room
- a sky terrace
- stainless steel appliances
- new cabinetry
- granite countertops
Covenant also improved energy efficiency and greening of the building. The company replaced all windows, all existing toilets and faucets to reduce water consumption by 30 percent. “We’re pleased to have been able to invest in our hometown by significantly updating 500 Fifth Ave. and adding modern energy efficiencies to extend its life and ensure its standing as a vibrant community for downtown Nashville residents for decades to come,” said Covenant Capital Group Managing Partner & Co-Founder Govan White, in prepared remarks.
According to JEM Holdings’ website, the purchase is the company’s third in the Nashville area. JEM also owns the 184-unit Highlands Apartments and the 142-unit Ventana.
Images courtesy of 500 Fifth Ave. website