November 6, 2013

Two Nashville-area apartment complexes were sold to out-of-state buyers, further accelerating the trend of outside investors making investments in Nashville properties.

Arenda Capital Management, based in Los Angeles, has agreed to pay $47 million for the Madison Ridgelake apartments, a 560-unit community in Bellevue. At the time of the deal, the community was 98 percent leased.

“Nashville’s compelling market fundamentals and renter demographics combined with Madison Ridgelake’s history of consistent rent growth resulted in an extraordinary level of investor interest for this well-located community,” said Greg Curci, vice president at Equus Capital Partners Ltd., the property’s seller, in a release.

Equus was represented by David Gutting and Vincent Lefler of Jones Lang LaSalle.

In another deal, Provo, Utah-based Peak Capital Partners announced Tuesday that it has purchased Hickory Trace apartments, a 276-unit community in Nashville.

The community was purchased from a private owner. Financial terms of the transaction were not disclosed. The current occupancy rate of Hickory Trace is 92 percent.

“This is the third apartment community Peak Capital Partners has acquired in Nashville,” said Jamie Dunn, founder and managing partner of Peak Capital Partners. “Nashville is a significant growth market for us and we look forward to making future investments in the city.”

Peak Capital Partners plans to make interior improvements to Hickory Trace that will include new flooring, lighting and hardwareupgrades. Hickory Trace, at 300 Hickory Hollow Place in Antioch, offers six floor plans including one-, two- and three-bedroom apartment units.

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