Investors Snap Up More Nashville Apartments
A value-add real estate fund managed by Nashville-based investment manager Covenant Capital Group acquired two Nashville-area apartment properties recently for $15M. One of the properties is the 170-unit Prestige Pointe Apartments at 200 Paragon Mills Road, which fetched $8M, the Tennessean reports. The south Nashville apartment property was formerly known as Paragon Place apartments.
The Covenant Capital-managed fund also paid $7M for the 114-unit Premier West Apartments at 6565 Premier Drive in west Nashville. It was previously known as Sequoia Village apartments.
Separately, an affiliate of LA-based consulting and advisory company LSA Capital acquired the 208-unit Haynes Gardens Apartments in Nashville for about $3.7M. Haynes Gardens (pictured), an affordable housing property at 2715 Whites Creek Pike, was built in the early 1970s by the South Central Conference of the Seventh-day Adventist Church. [Tennessean]