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Dallas-Based Firm Pays $26.5M for Cedar Pointe Near Nashville

Antioch Flips 210-Unit Apartment Complex
September 12, 2018
The 210-unit Cedar Pointe apartment complex in Antioch, Tennessee.

Dallas-based NexPoint Residential Trust purchased a 210-unit apartment complex in Antioch, Tennessee, from New York-based Wharton Equity Partners. Cedar Pointe sold for $26.5 million, or about $126,000 per unit.

The garden-style complex at 1157 Bell Road comprises studio, one-, two- and three-bedroom units ranging from 750 to 1,500 square feet in 11, two-story buildings. Built in 1988, the 92 percent leased property spans 18 acres less than nine miles from Nashville International Airport.

"Cedar Pointe fit squarely with our strategy of purchasing assets in growing markets where we can use our 30-years of experience to upgrade the character of a property and provide a wonderful living experience at a great value," said Peter Lewis, president and founder of Wharton Equity, in a statement.

Wharton purchased the property in an off-market transaction in early 2017 and then significantly renovated it. The sale of Cedar Pointe resulted in an IRR of more than 50 percent.

Wharton Residential, a family company of New York-based Wharton Equity Partners, has been involved with well in excess of $1.5 billion in transactions since inception

Brett Kingman, Russell Oldham and Steve Massey with CBRE represented the seller.

Please refer to CoStar COMP #4502889 for additional information regarding this transaction.

Taylor Damm, Editor  CoStar Group   
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