September 9, 2016 | Chicago Investor Pays $45.25M for South Nashville Apartments | By: Getahn Ward | The Tennessean
346-unit complex Arbors of Brentwood marks Redwood Capital Group’s Nashville debut
A Chicago-based multifamily investor has paid $45.25 million for the Arbors of Brentwood apartments off Edmondson Pike in south Nashville to mark its local debut.
Redwood Capital Group bought the 346-unit complex at 100 Brentwood Place from Norfolk, Virginia-based Harbor Group International LLC.
With the sale, Harbor has wrapped up selling for $176.6 million overall a portfolio of four Nashville apartments communities. In August 2012, the real estate investor and manager paid $130.5 million for Arbors of Brentwood, the 627-unit Cherry Creek, 360-unit Cambridge at Hickory Hollow and 260-unit Preakness Apartments.
Redwood Capital, which is pursuing more Nashville-area deals, owns and operates roughly 35 apartment properties, totaling nearly 11,000 units valued at more than $1 billion nationwide.
With offices also in New York and Tel Aviv, Harbor Group controls a global portfolio of assets valued at roughly $4.7 billion. The company’s real estate holdings include more than 5.1 million square feet of commercial properties and more than 25,000 apartment units.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.