June 10, 2016
Irvine, CA-based Steadfast Apartment REIT acquired Landings of Brentwood, a 724-unit apartment property in Nashville, TN for $110 million. The seller was a joint-venture between The Blackstone Group’s LivCor real estate group and Canada’s Venterra Realty.
The 117-acre property, which includes 41 garden-style residential buildings, sets a high-water mark for a multifamily deal in the market. Constructed in three phases between 1986 and 1989, the Landings of Brentwood offers one-and two-bedroom floor plans that average 959 square feet and is currently 96% occupied.
Steadfast’s Ella Shaw Neyland says the Landings of Brentwood is a “highly desirable community with tremendous value enhancement potential, which aligns with Steadfast’s strategy.”
The Landings of Brentwood is Steadfast’s fourth acquisition in Tennessee. HFF’s Jason Nettles represented the seller.