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Strata Equity Group acquired two Nashville-area apartments for more than $62M, marking the investor's entry into the local market. The properties are the 234-unit Wyndchase Bellevue apartments at 7221 Highway 70 S in Bellevue, which traded for $36.6M, and the 184-unit Waterford Landing apartments at 5901 Old Hickory Blvd in Hermitage, which it bought for $25.8M.
Funds affiliated with New York-based investment adviser DRA Advisors were the sellers; they own apartments, retail and office properties in various parts of Tennessee, reports the Tennessean. San Diego-based Strata's holdings are mostly in the Southwest, including investments in land, commercial properties, multifamily, single-family and solar energy. [Tennessean]
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