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GOODLETTSVILLE, TN-In a deal brokered by Marcus & Millichap, Lenoxgate apartment community has been sold for $20 million. Lenoxgate Properties acquired the 264-unit multifamily asset from Lenoxgate Realty Corp. for $75,758 per unit.
The garden-style apartment community is located at 100 Lennox Place, 15 miles from Downtown Nashville. The property was approximately 95% occupied at closing and the deal carried a cap rate of approximately 7%, according to Evan Kristol, senior vice president of investments at Marcus & Millichap. Kristol joined with vice president John Leonard and senior investment associate Still Hunter III to broker the transaction.
Lenoxgate is an 11-building multifamily asset spread across 21.86 acres. It was built in 1999 and also features a clubhouse. The property consists of 90 one-bedroom, one-bath units, 132 two-bedroom, two-bath units and 42 three-bedroom, two-bath units averaging 946 sf. Kristol tells GlobeSt.com that the new owner has no plans to convert Lenoxgate to condos and will continue to operate community as a rental property.
According to Marcus & Millichap, property amenities include an indoor/outdoor swimming pool with a sundeck, an indoor air-conditioned racquetball court and a fitness center. Units feature private patios or balconies, walk-in closets and washer and dryer connections. Some units also feature 9-foot vaulted ceilings.
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