TriBridge, Stockbridge Sell Nashville-Area Community
Olen Properties paid more than $57 million for the 254-unit Class A asset, which last changed hands in 2014 for $42.2 million.
A joint venture between TriBridge Residential and Stockbridge Capital Group has sold The Estates at Brentwood, a 254-unit Class A community in suburban Nashville, Tenn., for $57.5 million. According to Yardi Matrix data, the buyer was Olen Properties.
The partnership had acquired the asset in 2014 for $42.2 million from Merion Realty Partners. In July, TriBridge traded another of its properties, a 227-unit community near Charlotte, N.C., for more than $33 million to RST Development.
Located at 570 Church St. E. in Brentwood, The Estates at Brentwood is 11 miles south of downtown Nashville, accessible via either Interstate 65 or a direct public bus route. Several shopping and dining options as well as hotels are a short distance away. More than 3.2 million square feet of office space are within a mile of the community.
The property contains one-, two- and three-bedroom units, with floorplans between 851 and 1,407 square feet. Community amenities include a swimming pool, a fitness center, laundry facilities and an internet cafe.
Image courtesy of Yardi Matrix