Steadfast Bets Big On Nashville With $110M Buy
Steadfast Apartment REIT of California has snapped up its fourth Tennessee property, the 724-unit Landings of Brentwood, for $110M. The location in Nashville was right, according to Steadfast president Ella Shaw Neyland, with high household income (averaging $132k/year). "Also, we believe Nashville’s broad economic base and its appeal to relocating businesses should keep job growth healthy," she tells us.
Originally developed in three phases in the late '80s, the 117-acre Landings of Brentwood includes 41 garden-style residential buildings with rents that average $1,136/mo. The property is 96% occupied. The property fits well with Steadfast's strategy of value-enhancing its acquisitions, notes Ella. The REIT plans to update unit interiors and the buildings' exteriors, along with upgrading various common amenities, such as the pools, fitness center, clubhouse, volleyball court and landscaping.