Stoneridge Farms Changed Hands in $47M Deal
Steadfast Apartment REIT recently acquired the 336-unit apartment community Stoneridge Farms for $47.7 million.
By Adelina Osan, Associate Editor
Nashville, Tenn.—A 336-unit apartment community located in Nashville’s Smyrna submarket recently changed hands in a $47.7 million deal. Steadfast Apartment REIT acquired Stoneridge Farms and announced plans to implement a moderate value enhancement program to upgrade all unit interiors.
Located at 400 Chaney Road in one of the fastest growing and most dynamic communities in the Nashville area, Stoneridge Farms is a garden-style apartment community offering one-, two- and three-bedroom apartment homes. The community constructed in 2005 was 97.5 percent occupied at the time of the sale.
Stoneridge Farms offers a range of amenities for residents such as a business center, media center, tanning bed, swimming pool and spa, playground, tennis court, fitness center, car care center and a pet car. Monthly rent prices go as high as $895 for a one-bedroom apartment, $1,265 for a two-bedroom apartment and $1,279 for a three-bedroom apartment, according to data collected by Yardi Matrix.
“2015 was an exceptional year for Steadfast,” said in a prepared statement Ella Shaw Neyland, president of Steadfast Apartment REIT. “We were in a position to acquire attractive assets such as Stoneridge Farms that we believe meet our investment criteria and long-term growth objectives. As we look to 2016, we will continue to seek new opportunities in key markets, while actively managing our existing portfolio to maximize the return for our investors.”
Image courtesy of Yardi Matrix