The total equity raised for the transaction was $20 million, with a total mortgage debt range of $55 million.
Bell/JNL arranged two new loans through Freddie Mac and assumed three existing mortgages. Jon Bell, who last year joined the firm founded by his father, forged the relationship with Prudential and coordinated the sale.
Two of the properties are in Atlanta, one is in Nashville, and two are in Murfreesboro, TN.
Bell declined to provide prices for individual properties because "they were priced as a portfolio," he tells GlobeSt.com. "Some had unique characteristics, so we didn't really allocate a particular price to each."
Carrington Ridge in Atlanta is a 290-unit complex with an average rental rate of $769 per unit. It is 95%-occupied, according to Bell.
The Marquis at Mt. Zion, also in Atlanta, is 97%-occupied. It has 260 units and the average rental rate is $767 a unit.
Waterford Landing in Nashville is a 91%-occupied, 184-unit complex. Rentals average $783 per unit.
Carrington Park at Stonetrace in Murfreesboro, TN also has 184 units. Rents average $789 per unit and the complex is 95%-occupied.
Waterford Place at Innsbrook, also in Murfreesboro, is a 184-unit property. Rents average $743 a unit, and the complex is 90%-occupied.
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