Summit Equity Investments Pays $11M for Carrington Ridge Apartments
- Oct 03, 2014
As Music City’s apartment market continues to sizzle, investors are constantly on the lookout for new investment opportunities in the Nashville MSA. Case in point: Summit Equity Investments, Inc. which just picked up the 152-unit Carrington Ridge Apartments, marking the company’s third Nashville acquisition this year, according to the Nashville Business Journal. The L.A.-based value-add multifamily investor picked up the Hendersonville, TN community from Nashville-based Covenant Capital Group, paying $11.35 million. The seller was represented by Brentwood, TN-based The Kirkland Co.
Located on Hendersonville’s Main Street, Carrington Ridge comprises 152 one-, two- and three-bedroom units. Units range between 750 and 1,350 square feet with rents ranging between $799 and $1,139. Apartment features include balconies or patios, walk-in closets, stainless steel appliances, and designer kitchens. Community amenities include a swimming pool, fitness center, playground and picnic area.
Carrington Ridge is the third Greater Nashville community purchased by Summit Equity in 2014, after kicking off the year with two purchases within a month. According to The Tennessean, Summit Equity picked up the 101-unit Jamestown Apartments for $7.35 million in late January. Two weeks later, Summit Equity bought the 235-unit Canterchase Apartments for $14.15 million from a subsidiary of Peak Capital Partners.
Summit Equity Investments is a value-add multifamily investors focused on secondary markets. According to the Nashville Business Journal, the company generally targets Class B multifamily properties.
Click here for further Nashville market data
Image courtesy of Carrington Ridge Apartments and Canterchase Apartments