Harbor Group International Sells Nashville Apartment Property
Nashville, TN (Sept 12, 2016) -- Harbor Group International, LLC (“HGI”) announced today that affiliates of the company have sold Arbors of Brentwood Apartments in Nashville, Tennessee, for a sale price of $45.25 million.
HGI purchased the property in August 2012 for $29.55 million as part of a 4-property, 1,593-unit, $130.5 million portfolio. Arbors of Brentwood was the final remaining asset in the portfolio. HGI’s aggregate sale price for all the properties was $176.63 million.
“The entire portfolio performed at a level exceeding our projections, maintaining high occupancies and sustained rent growth,” said T. Richard Litton, Jr., President of Harbor Group International, “HGI has enjoyed continued success in the Nashville market, an area that benefits from strong demographics and significant investor demand. In addition, this portfolio again demonstrated HGI’s ability to buy property portfolios “wholesale” and then sell individual assets over time as a property achieved its business plan.”
Arbors of Brentwood, built in 1986, is located in the desirable Brentwood submarket of Nashville. It contains 346 units and numerous amenities, including two swimming pools with sun decks, a cold water spa, a clubhouse with party room, two lighted tennis courts, an indoor racquetball court, an outdoor basketball court, a picnic area with grills, a car care center, a playground and a fitness center. The property is currently 95% occupied.