Harbor Group International LLC has acquired a four-property multifamily portfolio in Nashville, Tenn., which includes 1,593 apartments, for $130.5 million.
The portfolio consists of the following properties: Cherry Creek (627 units), Arbors of Brentwood (346 units), Cambridge at Hickory Hollow (360 units) and Preakness (260 units).
HGI plans to invest an additional approximately $4.69 million (approximately $2,900 per unit) into various exterior and interior upgrades to the portfolio.
“The acquisition of the portfolio continues HGI’s proven strategy of acquiring well-located apartment portfolios with value add and operational upside in improving markets,” T. Richard Litton, Jr., president of HGI, said in a statement. “All four properties have occupancy levels above 90 percent and are poised to realize increased revenues as we implement our capital program and the Nashville market continues to improve.
“HGI has a long and successful investment history in the Nashville market and we look forward to meeting our investment objectives on this portfolio,” Litton added.
This transaction is HGI’s fourth apartment portfolio acquisition in the last 15 months, following the acquisition of a 1,218-unit portfolio in Florida, a 1,984-unit portfolio in Baltimore and a 2,500-unit portfolio in southeastern Virginia.
Dave Gutting, Derrick Bloom and Vince Lefler of Jones Lange LaSalle acted as the broker for seller.