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Dealmaker: Steadfast Apartment REIT Pays $110M for Tennessee Apartments
Steadfast Apartment REIT, Irvine, Calif., acquired Landings of Brentwood, a 724- apartment community in Nashville’s Brentwood submarket, for $110 million.
The Nashville Tennessean reported that sellers Blackstone Group and Venterra Realty purchased The Landings of Brentwood in 2007 for $68.5 million.
“Landings of Brentwood is located within one of Nashville’s most desirable markets, with an average household income of $132,000 and a top-ranked school district”, said Steadfast Apartment REIT President Ella Shaw Neyland. “Additionally, we believe Nashville’s broad economic base and its appeal to relocating businesses should keep job growth healthy.” She said the property has significant value-enhancement potential, “which aligns with Steadfast’s strategy.”
Constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 garden-style buildings, currently 96 percent occupied. In-place rents average $1,136.
The real estate investment trust plans a significant value enhancement program including new appliances, updated cabinets and floors, new countertops and upgraded lighting.
Located 15 miles from Nashville’s central business district, Landings of Brentwood sits near a commercial corridor that will undergo a large commercial expansion over the next few years including 605-acre mixed-use development Berry Farms along Interstate 65, Columbia State Community College’s 36‐acre campus in Cool Springs and Franklin Park, a 71‐acre office park.
Landings of Brentwood marks Steadfast’s fourth Tennessee acquisition. It also owns Stoneridge Farms in Smyrna, Heritage Place in Franklin and Villages at Spring Hill in Spring Hill. The REIT now owns 32 properties in 11 states with an aggregate purchase price of $1.38 billion.