Steadfast Apartment REIT Drops $9.65 M on Suburban Nashville Apartments
- May 07, 2015
By Eliza Theiss, Associate Editor
California-based Steadfast Apartment REIT announced the acquisition of the Heritage Place Apartments, a 105-unit apartment asset, located in the booming Nashville suburb of Franklin, TN. Steadfast Apartment REIT paid $9.65 million for the property. According to the Nashville Post, the seller was Green Hills, TN-based real estate investment and management firm Freeman Webb Investments Inc. The same source reported that the sale was part of Freeman Webb’s 24-property, $200 million refinancing effort which also includes a slew of recent acquisitions and sales.
Located on an 8.5-acre site, the 1982-built garden-style community is comprised of 13 two-story buildings and a leasing office. Amenities include a resort-style swimming pool, tennis and sports courts, playground and proximity to public transit. The community comprises exclusively two-bedroom layouts averaging 921 square feet. Heritage Place Apartments has a 97 percent occupancy rate as of April 26, 2015. The average rent clocks in at $898.
Steadfast Apartment REIT announced plans to update the community and expand its amenities. The tennis court, playground, landscaping and signage will be updated and a cyber café and pet park will be added, along with various other exterior capital enhancements. While 20 units have been recently enhanced, the remaining 85 will also be updated.
Heritage Place Apartments is located in Williamson County, Tennessee’s most dynamic county in terms of job and population growth. Close to 6,000 businesses are located in Williamson County, which is also home to 24 percent of the fastest growing companies in Tennessee.
The Acquisition of Heritage Place Apartments brings Steadfast Apartment REIT’s holdings to 13 communities totaling 3,899 units across seven states. Its investments total $441 million.
Steadfast Apartment REIT is sponsored by Steadfast REIT Investments LLC, an affiliate of Steadfast Companies.
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Image courtesy of Heritage Place Apartments