DRA Advisors and Bell Partners Sell 706 Multifamily Units to Lone Star Funds
- Oct 23, 2014
By Eliza Theiss, Associate Editor
Lone Star Funds has seemingly taken a liking to the Nashville real estate market. Following the recent acquisition of two Nashville area hotels, the company has now acquired two multifamily properties. According to The Tennessean, Lone Star funds picked up the 406-unit The Club apartments in Antioch for $28.42 million and the 300-unit Williamsburg Apartments in Hendersonville for an undisclosed amount.
Antioch’s 406-unit The Club apartment community comprises one- and two-bedroom apartments featuring between 600 and 1,077 square feet of space. Rents range between $690 and $905 per month. The Club’s amenities include a resort style swimming pool, two-story fitness center, clubhouse, picnic and barbecue areas, car care center and 24-hour laundry facility.
Located in the Nashville suburb of Hendersonville, Williamsburg Apartments features 300 one- and two-bedroom units ranging between 700 and 1,000 square feet. Rents range between $787 and $989 per month. Amenities include a swimming pool complete with sun deck, 24-hour fitness center, leash-free pet park, Frisbee golf course, lighted sports courts including tennis and basketball courts, clubhouse, 24-hour laundry facility, and cyber café.
The sale was part of a nationwide portfolio acquisition from DRA Advisors LLC and Bell Partners Inc., valued at over $1.8 billion. The portfolio comprised 64 communities, totaling more than 20,000 apartments. Bell Partners was retained as property manager. DRA Advisors and Bell Partners had originally purchased the 64 apartment communities as part of an 86-property portfolio totaling 25,684 units in 2008.
Lone Star Funds also recently acquired the 124-key Hyatt Place Nashville/Brentwood and 123-key Hyatt Place Nashville/Opryland. The company purchased the select-service hotels from Hyatt Hotels Corporation as part of a 38-property portfolio. Lone Star paid about $590 million for the 4,950-key portfolio and announced $50 million in capital expenditures over the next two years. Aimbridge Hospitality, LLC was named property manager.
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Images via Bell Partners