TN Apartments

Property Summary

Type: Multifamily
Size: 120 units
Location: Tennessee

Acquisition Summary

Source: Off-market
Investment: $3.94 million
Ownership: LP equity interest

Transaction Overview

Equity Resource Fund 2020 partnered with a repeat sponsor to acquire an off-market multifamily property with a total of 120 units in Tennessee.  The asset is located approximately 22 miles south of downtown Nashville and less than one mile from downtown Franklin.  The property had undergone a nearly complete renovation by the seller over the last two years. The business plan for this opportunity consisted of both an operational arbitrage and light value add improvement strategy including replacing the roofs at each building and repaving the parking lots, the only two remaining items from the seller’s renovation. Upon take over, the sponsor implemented their in-house property management team. Residents at the property are attracted to the area due to the convenient location and strong school district.  The asset sits within the jurisdiction that is eligible to attend what is considered to be the best high school in the town.  This acquisition represents the fourth time that ERI has partnered with this Sponsor.