Village Green Hills Apartments in Green Hills has been purchased for $22.5 million, marking the latest Nashville-area acquisition for Los Angeles-based investor and developer Champion Real Estate Co.
The purchase price equates to roughly $274,390 per unit, which ranks among the highest prices paid for apartments in the Nashville area. The roughly $287,000 per unit that Dayton, Ohio-based The Connor Group paid for the 331-unit Elliston 23 in Midtown nearly two years ago remains the marketwide record.
Village Green Hills Apartments is Champion Real Estate's sixth Nashville-area acquisition over the past three years. "It's a trophy asset and a great location," said Parker Champion, the company's managing partner. "We look forward to owning it for a long time and continuing to operate it in a Class A manner."
The ability to achieve top market rents given Village Green Hills Apartments' core location at 2215 Abbott Martin Road and high barriers to entry made the property appealing, Champion said. He also cited quality of the construction, including large floor plans with high-end finishes, as another appeal.
Steve Massey, a multifamily broker at commercial real estate firm CBRE in Nashville, agreed that the outstanding location of the apartments and the lack of rental units in the Green Hills area increased demand in the eyes of potential buyers and thereby resulted in the pricing. Massey wasn't involved with the transaction.
Champion called the apartment complex's location a walker’s paradise, adding that it's only steps from the Mall at Green Hills, Trader Joe's and Hill Center, which includes Whole Foods and many lifestyle retailers.
Champion and its affiliates own six Nashville-area multifamily properties with nearly 200 rental units, from entry-level studios and student housing to high-end townhomes. Last year the firm bought Amplify on Main apartments in East Nashville and added a six-unit multifamily complex in Hillsboro Village.
Champion is seeking more value-add properties across Nashville to continue to grow its portfolio, officials said. Since 1995, the firm has completed more than $1 billion in projects nationwide.
Miller F. Harris of Brentwood-based The Kirkland Co. represented both sides in the Village Green Hills Apartments transaction.
Resource: http://www.tennessean.com
The purchase price equates to roughly $274,390 per unit, which ranks among the highest prices paid for apartments in the Nashville area. The roughly $287,000 per unit that Dayton, Ohio-based The Connor Group paid for the 331-unit Elliston 23 in Midtown nearly two years ago remains the marketwide record.
Village Green Hills Apartments is Champion Real Estate's sixth Nashville-area acquisition over the past three years. "It's a trophy asset and a great location," said Parker Champion, the company's managing partner. "We look forward to owning it for a long time and continuing to operate it in a Class A manner."
The ability to achieve top market rents given Village Green Hills Apartments' core location at 2215 Abbott Martin Road and high barriers to entry made the property appealing, Champion said. He also cited quality of the construction, including large floor plans with high-end finishes, as another appeal.
Steve Massey, a multifamily broker at commercial real estate firm CBRE in Nashville, agreed that the outstanding location of the apartments and the lack of rental units in the Green Hills area increased demand in the eyes of potential buyers and thereby resulted in the pricing. Massey wasn't involved with the transaction.
Champion called the apartment complex's location a walker’s paradise, adding that it's only steps from the Mall at Green Hills, Trader Joe's and Hill Center, which includes Whole Foods and many lifestyle retailers.
Champion and its affiliates own six Nashville-area multifamily properties with nearly 200 rental units, from entry-level studios and student housing to high-end townhomes. Last year the firm bought Amplify on Main apartments in East Nashville and added a six-unit multifamily complex in Hillsboro Village.
Champion is seeking more value-add properties across Nashville to continue to grow its portfolio, officials said. Since 1995, the firm has completed more than $1 billion in projects nationwide.
Miller F. Harris of Brentwood-based The Kirkland Co. represented both sides in the Village Green Hills Apartments transaction.
Resource: http://www.tennessean.com
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