Venterra Acquires Nashville Apartments for $34M
The firm used a mortgage held by PNC Bank to finance the acquisition of the 171-unit community, which opened at the end of 2016.
By Jeff Hamann
Venterra Realty has acquired West 46th Apartments, a 171-unit community in the Sylvan Park neighborhood of Nashville, Tenn. The new owner paid $34 million for the property, according to Davidson County records, and funded the purchase with a fixed-rate, 10-year $22.1 million mortgage held by PNC Bank. An HFF team led by managing directors Cortney Cole and Chip Sykes secured the loan acting on behalf of the owner.
Located at 4510 Charlotte Ave., the five-story building sits across from the entrance to Interstate 40, enabling access to downtown Nashville four miles away. The community opened its doors in late 2016 and offers a mix of studio, one- and two- bedroom apartments sized between 511 and 1090 square feet. Monthly rents range from $1,100 to $1,950, according to the property’s website. Resident amenities include a bike share program, a 24-hour fitness center, in-unit washers and dryers, two lounges and two courtyards. The property also features an underground parking garage large enough to accommodate 200 vehicles.
With the completion of this acquisition, Venterra now owns two multifamily properties in Nashville totaling 411 units. Earlier this month, CapStack also increased its area footprint, acquiring three value-add properties.
Image courtesy of Yardi Matrix