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264 Units Change Hands for $20M

GOODLETTSVILLE, TN-The new owner plans to keep Lenoxgate as a rental property. The garden-style community is 95% occupied.

By Melissa Kress | Updated on January 05, 2007

(To read more on the multifamily market, click here.)

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.

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