UDR Offloads Nashville Apartments After 31-Year Hold
Covenant Capital Group paid $41.5 million for Legacy Hill, a 206-unit multifamily community in Nashville. Multihousing News reports UDR sold the property after 31 years of ownership.
Walker & Dunlop facilitated the transaction through a $29.4 million Freddie Mac loan.
Legacy Hill occupies approximately 14 acres at 501 Shadowood Drive, close to interstates 40 and 65. Downtown Nashville and the international airport are both within 21 miles.
The community consists of nine buildings, rising two and three stories, that came online in 1977. The unit mix includes one- to three-bedroom floorplans ranging from 761 to 1,269 square feet. Interiors feature walk-in closets, hardwood flooring, in-unit washers and dryers, private balconies and smart-home technology.
Common-area amenities include a swimming pool with a sundeck, a fitness center, laundry facilities, a tennis and pickleball court, a picnic pavilion and grilling stations, a playground area. The property also has 420 parking spaces.
The acquisition brought Covenant’s metro footprint to 2,400 units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout