A partnership that includes Covenant Capital Group principals Rick Scarola and Govan White acquired The Metropolitan, a 216-unit apartment building off West End Avenue, for $35.5M. The seller of the property at 101 Brixworth Lane was a Nebraska-based real estate fund repped by CBRE. The new owners plan to hold the property long term, characterizing it as a core investment, the Tennessean reports.
Only three years ago, a Covenant-managed fund sold the community, which is across from Saint Thomas West Hospital, for $33M after making improvements. The new owners have tapped Alabama-based Southeastern Property Management to handle leasing and management of The Metropolitan. [Tennessean]
