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Murfreesboro-based Lion Real Estate Group acquired the 389-unit Summit at 860 apartment property at 860 Murfreesboro Pike in Nashville for $30.3M as a value-add play.
According to Lion managing principal Mory Barak, the company is in the process of establishing its multifamily portfolio in Tennessee, with this property, which will be renamed The Ellington, as the beachhead of that effort.
Until recently, Lion Real Estate specialized in purchasing and improving properties like Summit at 860, but on the West Coast. It owns and manages 19 properties in California, and has turned around other multifamily properties in several western states.
The buyer is still formulating detailed plans to renovate its new acquisition. ARA Newmark's Scott Tyrone repped the seller.
