Harbor Group Acquires Nashville Portfolio for $130.5M

Harbor Group International (HGI) announced this week that it had acquired a four-property multifamily portfolio in Nashville, TN for $130.5 million. According to the Nashville Business Journal, affiliates of Norfolk, Va.-based Harbor Group International purchased the four apartment communities from a Lehman Brothers subsidiary in a deal brokered for the seller by Jones Lang LaSalle. The portfolio includes:

Cherry Creek, 627 units
Arbors of Brentwood, 346 units
Cambridge at Hickory Hollow, 360 units
Preakness, 260 units

"The acquisition of the Portfolio continues HGI's proven strategy of acquiring well-located apartment portfolios with value add and operational upside in improving markets," said T. Richard Litton, Jr., President of HGI. "All four properties have occupancy levels above 90% and are poised to realize increased revenues as we implement our capital program and the Nashville market continues to improve," he further commented.

For more news and information visit Blumberg Capital Partners.

Downtown Nashville's Oldest Building Sold to Local Investors

William Soileau and Aline Richardson sold a historic downtown Nashville building for $1.87 million to a group of local investors, including Rob Lowe with Cassidy Turley. According to a Nashville Business Journal article, the new owners plan to spend $350,000 renovating the building and hope to secure a restaurant tenant by the fall. The building is across the street from Bridgestone Arena, home of the Tennessee Titans. "It's absolutely an investment in location," Lowe said.

The brick two-story, 5,000 square foot building is considered the oldest residential building in downtown Nashville. The building at 104 Fifth Avenue South was used by the "underground railroad" prior to the Civil War to help runaway slaves escape to the North. A renovation on the property in the 1980s revealed an 18-inch layer of silt and sand in a sealed-off basement, evidence that the Cumberland River had flooded as far west as Fifth Avenue in the early 1800s.

For more news and information visit Blumberg Capital Partners.