Morgan Properties Buys TN Apartments for $27M

Image courtesy of Yardi Matrix

Lighthouse Group has sold Mallards Landing Apartments, a 212-unit community in Nashville, Tenn., to Morgan Properties for $27.2 million, according to Davidson County records. Berkadia originated $23.1 million in acquisition financing through Freddie Mac. The loan matures in 2029.

Morgan Properties is no stranger to the Nashville multifamily market. The national investor entered the region in September, with a $91 million portfolio deal totaling upwards of 800 units across four assets, later acquiring the 320-unit Residences at Stonebrook in the Southeast/Brentwood submarket.

Mallards Landing Apartments is located at 4501 Packard Drive, roughly 10 miles southeast of downtown Nashville, close to a Food Lion-anchored shopping center and a number of other retail options. The community is situated alongside Interstate 24 and within 2 miles of 380 Harding Apartments, a property that traded for nearly $14 million earlier in May.

The Class B asset contains both apartment and townhome units, with floorplans between 700 and 1,550 square feet. Notable amenities include a soccer field, tennis court and sun deck. Many part of the property were upgraded following Lighthouse’s $11.7 million acquisition of the asset—then known as Bavaria Apartment Homes—from PRG Real Estate in 2015.

Source Article