Two real estate investment firms closed large apartment deals earlier this month.
Snell Properties, based in Arlington, Va., bought the Retreat at Iron Horse apartments, located near the intersection of Franklin Road and Mack Hatcher Parkway north of downtown Franklin.
A group of partners led by Snell paid $82.9 million for the 270 unit apartment complex, coming to roughly $307,000 per unit. That sale price places it among the most expensive apartment complexes ever sold in the Nashville area.
About a year ago, the Nashville Business Journal reported that the Boston-based real estate firm AEW Capital Management bought the Novel Lockwood Glen apartments for $287,000 per unit. The price was a record for the Nashville area at the time.
Completed in 2019, the complex has 13 buildings and is surrounded by 20 acres of green space. This is Snell’s first investment in Tennessee.
“The Greater Nashville area has been on our investment radar for some time and we are thrilled to enter the market with this spectacular property,” Snell Properties president Christopher Hanessian said, according to a press release. “The location, craftsmanship, and growth potential make it a natural fit in our growing portfolio of assets.”
In early September, Nuveen, which is under the TIAA pension fund, paid $92 million for the 370 million apartment complex Dwell at McEwen. That comes to about $249,000 per unit. That apartment complex, fully completed in 2014, sold for $81 million in 2015.
The Dwell at McEwen complex is located across the street from the McEwen Northside development, which will have restaurants, shops, offices and apartments in a walkable environment.
Last month, a church associated with the Christian band Here Be Lions purchased Homestead Manor for $3,395,000. The restaurant and event venue was previously run by A. Marshall Hospitality. The restaurant officially closed its doors in February 2019.
In an Instagram video, Pastor Dustin Smith said that HopeUC Nashville, the church he started last year, quickly outgrew the building it was previously leasing. When the Homestead Manor property came on the market it seemed like the perfect opportunity.