Real Estate

Greystar Buys 2 for $165M

Cedar Pointe

Greystar has paid $164.9 million for two Nashville communities that were acquired in distinct transactions, according to public records information. Highland Capital Management sold the 510-unit Cedar Pointe in Antioch, Tenn., for $91.3 million, while Carroll Organization pocketed $73.6 million for the 323-unit ARIUM South Oaks in Nashville. Records also show the buyer financed both purchases with notes totaling $110 million from New York Life Insurance Co., due to mature in 2026.

Greystar’s recent transaction activity involved a massive, $3.6 billion portfolio sale, but also several purchases. Acquisitions included a 423-unit property in Beaverton, Ore., and a 223-unit community in Kenmore, Wash., for which the company paid $98 million.

The Nashville assets

Avana Collins Creek, formerly known as Cedar Pointe, occupies 33.8 acres at 1157 Bell Road in Antioch, according to Yardi Matrix data. Completed in phases in 1984 and 1988, the property comprises 23 residential buildings and townhouses with studio, one-, two- and three-bedroom units averaging 987 square feet. The property is 14 miles southeast of downtown Nashville and less than 2 miles from a 452-unit community that Greystar acquired for more than $73 million in one of the metro’s top five multifamily deals of the second quarter.

Situated on more than 24 acres at 100 Antioch Pike, Avana South Oaks (formerly ARIUM South Oaks) also came online in two phases, the most recent one being completed in 2000. Amenities include two swimming pools, a fitness center and a tennis court, among others. Yardi Matrix shows the property previously traded in 2019, in a $88.9 million portfolio deal that also comprised a 268-unit, ARIUM-branded asset in Mooresville, N.C. Located in Nashville’s Elm Hill/Woodbine submarket, the community is roughly 6 miles northwest of Avana Collins Creek, west of Interstate 24.

According to Yardi Matrix information, Avana Collins Creek is the largest asset that has changed hands in Nashville since the beginning of this year’s fourth quarter. The metro’s multifamily sales pertained to 2,614 units in 10 properties across the metro.

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