Downtown MF Asset Has Room for Revenue Growth
- Jun 23, 2015
By Eliza Theiss, Associate Editor
5th Avenue Multifamily Partners, an affiliate of Covenant Capital Group, acquired Metro Manor, one of Nashville’s most affordable apartment communities, reported the Nashville Post. According to the same source the seller was Metro Manor LLC, an affiliate of Nashville-based owner-operator Ghertner & Co. According to Yardi Matrix data, the seller held the property since late 1993. Matrix data also shows that the $15,760,000 sale, dated June 15, is subject to an $11.82 million loan, held by Capstar Bank.
The property’s average rent registered in 2015 clocked in at $693, according Yardi Matrix data. That represents a 2.97 percent year-to-date growth. Rent growth in Nashville’s rent by necessity segment was in the low four percents in 2014, according to Matrix data. 2015 forecasts predict an eight percent rent growth rate for that product category.
Located in downtown Nashville, Metro Manor is a mid-rise apartment community comprising 170 studio, one- and two-bedroom units. Unit floorplans range between 425 square feet and 720 square feet. Post-acquisition the property will be managed by Nashville-based Brookside Properties.
Image credits: Yardi Matrix