GALLATIN, TN – Security Properties and ReCap, a Reinsurance Group of America (RGA) company, bought Stoneridge Farms at the Hunt Club, a 364-unit, Class-B+ garden-style community located in Gallatin, TN for $55,000,000. This is Security Properties’ sixth acquisition in the Nashville MSA.

Gallatin is a suburban community 25 minutes northeast of downtown Nashville. Gallatin is widely recognized as a family friendly destination due to the abundance of natural amenities and fantastic schools. Due to the asset’s location just off of the Nashville Pike, residents can quickly access the regional amenities with relative ease. These notable regional amenities and economic drivers include Ancient Hickory Lake, Downtown Nashville, Nissan Stadium, as well as the Nashville International Airport. Locally, the amenities include Ancient Hickory Lake, Bluegrass Yacht and Country Club, and Streets of Indian Lake, a 250,000 sq. ft. open-air retail center that features a 16-screen Regal Cinemas, Barnes and Noble, as well as a host of other retailers and restaurants.

The asset represents a value-add investment with heavy renovation upside. The units at Stoneridge Farms offer a mix of 1×1, 2×1, 2×2, and 3×2 floorplans. Units currently feature oak, raised panel cabinet doors, laminate counters, a mix of vinyl and carpeting, and faux-stainless appliances. SP will be renovating all unit interiors to a high-end end, consisting of stainless steel appliances, quartz counters, upgraded vinyl and carpeting, and new fixtures.

Tad Johnson, Senior Manager of Investments at Security Properties says, “Stoneridge Farms at the Hunt Club presented a rare opportunity for a full value-add renovation in an early-2000’s vintage product. We are excited to not only be in Sumner County, but also to continue our expansion in the Nashville metro area.”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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LOS ANGELES, CA — TruAmerica Multifamily in joint venture with an institutional partner has bought Country Lake, a 253-unit multifamily community in Salt Lake City for $47.5 million, increasing its holdings in the market to 1,595 units. Built in 1973, Country Lake offered TruAmerica an opportunity to increase its portfolio in a market which they have long considered to be one of the strongest rental markets in the country. 

“Because of its strong fundamentals, the multifamily investment market in Salt Lake City has become extremely competitive and the opportunities to buy an asset like Country Lake, that fits the investment profile for TruAmerica and our investors, is indeed challenging,” said TruAmerica Director Chris MacLeod, who led TruAmerica’s acquisition team on this investment.  “We will continue to be active in the Salt Lake City market, while remaining very selective in the assets we pursue.” 

This is the fourth apartment community in Salt Lake City for TruAmerica and its first since October 2015, when in partnership with The Guardian Life Insurance Company of America, it bought a two-property portfolio for $102 million. 

According to Axiometrics, occupancy in Salt Lake City has averaged 95.9% over the last 12 months. In addition, rent growth, which has averaged 5.2% over the past three years, is expected to continue with a five-year average rent growth of 3.6%. 

Country Lake is located in Salt Lake City’s “Silicon Slopes,” an area densely populated by tech companies, including SanDisk, Intel/Micron and Adobe Systems.  This tech cluster is one of the primary demand drivers for the region’s large concentration of white-collar workers, including a growing number of millennials. This has contributed to Salt Lake City as being one of the major metros for median household income growth and median home price growth, according to Forbes Magazine. 

Country Lake features a mix of one- and two-bedroom apartment homes, each with spacious bedrooms, oversized closets and private balconies. Community amenities feature a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground. 

The property represents a substantial value-add opportunity for TruAmerica with a large percentage of units having remained virtually untouched since the project was built in 1973. TruAmerica will undertake a significant capital improvement program including upgrading apartment interiors, renovating all community amenities including adding a fitness center as well as refreshing exteriors and landscaping to enhance the curb appeal. 

Steve Gebing, Cliff David, Danny Shin and Brock Zylstra of Institutional Property Advisors represented the seller in the transaction. 

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RICHMOND, VA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware Statutory Trust (DST) offerings, announced its acquisition of a 296-unit multifamily property located in the Richmond suburb of Bon Air, Virginia.  Previously known as Axis 147 Apartments, the property is being rebranded as “Summit at Bon Air.”

“This multifamily community is well-located in the region’s most populous county, Chesterfield County, and is conveniently situated near the heavily-traveled Midlothian Turnpike and Huguenot Road, just 20 minutes from downtown Richmond,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property was bought for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. Capital Square is bullish on multifamily communities such as this with strong occupancy and exceptional rental growth. Capital Square is pleased to add this property to our portfolio of 67 properties and provide this investment opportunity to our growing number of investors across the nation.”

Located at 1701 Irondale Road, Summit at Bon Air is comprised of 37 residential buildings and a clubhouse. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces. 

Situated on 27.09 acres of land, the community was originally constructed in 1974 and was substantially renovated from 2015 to 2017. 

Whitson Huffman, vice president of acquisitions, said “Summit at Bon Air benefits from its exceptional proximity to premier retail destinations and access to employment centers across the Richmond region. The property’s generous unit sizes and interior improvements, coupled with the recent construction of a new clubhouse, leasing and fitness center, make it stand out relative to comparable properties in the area and position it well for future growth as we continue interior unit renovations.”

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