Seattle Investor Bags Cool Springs Apartments, Expands Nashville Footprint
Security Properties and an institutional investor acquired The Artessa Luxury Apartment Homes, a 250-unit property in Cool Springs, for $57.5M. The community, which was completed less than a year ago, is already about 90% occupied.
"With the Nashville economy largely driven by the recession-resistant healthcare and education sectors, and Williamson County with an extremely tight office market, The Artessa is an advantageous competitive position in its submarket," said Security Properties CEO David Dufenhorst. "We expect it to perform well over a long hold period."
Though virtually new, Security Properties plans to improve the common areas by adding an additional barbecue area, installing LED lighting, expanding the business center, adding a sports lounge and undertaking various other smaller projects.
The Artessa is Seattle-based Security Properties' third Nashville acquisition in 2016; it also owns Note 16 and Opus 29. The most recent deal was financed with a Fannie Mae 10-year note at 4.1%. CBRE's Russell Oldham repped the seller.