9/22/2008

Grubb & Ellis pays $36M for 350 units in suburban Nashville

by Drew Smith
Grubb & Ellis Apartment REIT, Inc., has acquired the 350-unit Canyon Ridge Apartments in the Nashville suburb of Hermitage, Tenn., for $36 million from an affiliate of Principal Real Estate Investors, LLC.

The seller was represented in the deal by Scott Tyrone and Perry Gooch of Colliers Turley Martin Tucker with financing being arranged by Capmark Bank.

The Canyon Ridge Apartments are located at 3868 Central Pike and are comprised of 13 three-story buildings. Built in 2005, the complex contains 341,000 square feet on 22.5 acres. It was approximately 94 percent leased at the time of sale.

Earlier this year, Tyrone and Gooch represented the buyer in two multi-family transactions in Tennessee totaling $20.79 million.

Address: 3868 Central Pike, Hermitage, Tenn.

Size: 350 units

Built: 2005

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Filed Under: Multi-Family

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