NASHVILLE, TN—Capstone Apartment Partners has arranged the sale of a three-property, 475-unit apartment portfolio located in Nashville, TN.
The portfolio is comprised of three Nashville-area garden-style apartment communities: Crossings at East Nashville, Crossings at Madison, and Flats at Nolensville. Each of the three properties has undergone a significant value-add initiative over the last two years, as previous ownership addressed deferred maintenance and updated the interiors in 298 of the 475 units. Combined, the assets were approximately 93.5% occupied at the time of closing.
Capstone sold the portfolio on behalf of MACC Venture Partners.
“Our Nashville properties were great assets for us and we are still very bullish on the Nashville market; however, we were able to capitalize on a strong offer and give back great returns to our investors and redeploy capital into new assets in the Southeast,” said a representative from MACC. “The sale of our three Nashville properties resulted in a great execution of our business plan since our acquisition of them in 2018, and we look forward to finding our next opportunity. The Capstone advisors did a great job of marketing the portfolio, vetting buyers, and presenting us with qualified offers and buyers that allowed us to make the best decision to execute a PSA with one of those groups.”
The buyer is Austin, TX-based GVA Real Estate, who plans to bring all units up to the same finish level and complete light upgrades to the community amenities.
“This portfolio provided a great opportunity to acquire quality assets and expand our presence in the Nashville market. Crossings at East Nashville, Crossings at Madison, and Flats at Nolensville are located in rapidly growing submarkets with ideal proximity to major employers,” said Alan Stalcup of GVA.
The Capstone transaction team was led by Alex McDermott, Adam Klenk, Tyler Mayo, and Jonathan Hawks.
“Nashville has continued to be one of the most sought-after markets in the Sunbelt for multi-family investors. Demand is outpacing supply and occupancies are remaining stable. We knew that we would have significant interest in the portfolio and were happy to pair MACC Venture Partners with GVA Management to facilitate a seamless transaction from start to finish,” said Klenk.
Crossings at East Nashville is located in northeast Nashville adjacent to Briley Parkway. The 158-unit community was built in 1973 and features a swimming pool, grilling area, clubhouse, and laundry facilities.
Crossings at Madison is also located in northeast Nashville, situated along the Cumberland River and State Road 45 in the suburb of Madison. The 112-unit asset was built in 1978 and features a swimming pool, dog park, playground, tennis court, and laundry facilities.
Flats at Nolensville is situated in south Nashville near the intersection of Nolensville Pike and Old Hickory Blvd. The 205-unit asset was built in 1979 and features a swimming pool, grilling area, soccer field, tennis court, and laundry facilities.
