September 28, 2018
Morgan Properties acquired a four-property, 826-unit apartment portfolio in Nashville, TN from Cardone Capital for $91 million. The King of Prussia, PA-based buyer plans to invest an additional $8.7 million into renovations and amenity upgrades. This is Morgan Properties’ first purchase in the state.
Morgan Properties JV’s Jonathan Morgan says, “Entering Nashville is a major milestone for Morgan Properties. Nashville is a hot market, and we have been targeting it for quite some time. We felt this portfolio gave us a foundation to build on as we continue to seek follow-on investment opportunities to scale our footprint in the market.”
The Nashville portfolio consists of four garden-style apartment communities: Hickory Creek, Lincoya Bay (pictured), Sheffield Heights, and Jackson Grove. The infill locations offer residents convenient access to transportation and major employment centers in and around Nashville.
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