Multi-national real estate investment firm Harbor Group International has acquired four apartments in the Nashville, TN area. The portfolio totals approximately 1.43 million square feet and was sold by New Dawn Companies for $130.5 million, or about $82,000 per unit.
The sale included the following apartments:
Cherry Creek, 627 units located at 1100 Crystal Spring Lane, Hermitage, TN
The Arbors of Brentwood, 34 units at 100 Brentwood Place in Nashville
The Cambridge at Hickory Hollow, 360 units at 660 Bell Rd. in Antioch
The Preakness, 260 units at 630 Bell Rd. in Antioch.
Three of the apartments were built in the 1980s, while Cambridge was built in 1997. All were renovated in 2007. The multifamily communities boasted an average occupancy above 90 percent. Harbor Group plans on investing an additional $4.7 million in additional renovations.
This transaction represents Harbor Group International's fourth portfolio acquisition in the last 15 months, following acquisitions of 1,218 units in Florida, 1,984 in metro Baltimore, and 2,661 in southeastern Virginia. HGI is headquartered in Norfolk, VA with offices in New York and Tel Aviv.
The Jones Lang LaSalle team of David Gutting and Vince Lefler represented New Dawn Companies in the sale. Richard Litton of Harbor Group Management represented the buyer in-house.
Please refer to CoStar COMPS #2528104 for more information on this transaction.