Security Properties JV Buys 2 in Nashville
The two fully affordable communities comprise 234 units.
Security Properties and Enterprise Community Investment have acquired Hickory Hollow Towers and Colony Square Apartments in metro Nashville, Tenn. The two fully affordable communities comprise 234 units and will be managed by Security Properties Residential. Both properties are slated for renovations.
The two assets mark the 10th and 11th venture between the two buyers, as well as Security Properties’ first affordable properties in Tennessee.
Hickory Hollow Towers is a 154-unit age-restricted and fully affordable housing community situated in Antioch, Tenn. The property offers a fitness center, a community room, a beauty salon, a gazebo, elevators, laundry facilities and parking spaces.
Security Properties purchased the community for $28.7 million from LHP Capital, according to Yardi Matrix data. Berkadia arranged the $22.5 million Fannie Mae loan, the same source shows. The property last traded in 2008, when The Mid-America Management sold it for $9.4 million.
Two affordable communities in Nashville
Hickory Hollow Towers is located at 100 Curtis Hollow Road, in the southeast Nashville submarket of Antioch. The property is close to Route 254 and Interstate 24, which provide direct access to downtown Nashville.
Colony Square Apartments is situated in Smyrna at 500 Rock Springs Road. The community is near Route 41, along which can be found many dining options and retail centers. Motlow State Community College, Lee Victory Recreation Park and Smyrna/Rutherford County Airport are within a 3-mile radius of the property.
Completed in 1979, Colony Square Apartments encompasses eight buildings spread across an 8.3-acre site. The property comprises 80 affordable apartments with one-, two- and three-bedroom floorplans ranging between 531 and 911 square feet. Common-area amenities include a playground, picnic and barbeque area, a clubhouse, parking spaces and laundry facilities.
At the end of last year, Security Properties purchased a 184-unit fully affordable community in San Bernadino, Calif. Berkadia brokered the $33 million transaction, working on behalf of the seller.