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Nighthawk Equity, 555 Ventures JV Acquires Hermitage Apts for $2.7M

Tennessee-Based Investor Sells 80-Unit Multifamily Community
November 15, 2017
A joint venture between Texas-based Nighthawk Equity and 555 Ventures acquired the Hermitage Apts., an 80-unit apartment complex located at 1103 S Center St in Memphis, TN, from a local investor for $2.68 million, or about $33,000 per unit.

The new owners intend to renovate and rebrand the property and have hired Kismet Property Management to oversee the operation.

The 80,040-square-foot, six-building multifamily property delivered in 1965 and offers one-, two- and three-bedroom units. Hermitage Apts. are located near Cooper-Young, a trendy, art influenced neighborhood in Memphis.

Curtis Braden of Marcus and Millichap represented both the buyer and seller.

Please see CoStar COMPS #4051389 for more information on this transaction.
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