New York-based real estate investment firm Quad Property Group has paid $47 million for South Nashville garden-style apartment complex The Ellington — about 65 percent more than the figure for which the property last sold four years ago.
With an address of 860 Murfreesboro Pike, The Ellington offers 389 units.
The seller was Los Angeles-based Lion Real Estate Group, which paid $30.3 million for the complex in April 2017, Metro records show.
According to a release, the transaction represents Quad Property Group’s second apartment complex acquisition in Tennessee. The company owns a similar residential rental property in Chattanooga.
With a mix of one-, two- and three-bedroom apartments, The Ellington features a clubhouse, two swimming pools, a fitness center, a dog park and a playground. The complex opened in 1966 and was 99 percent leased at the time of the sale.
The deal is the equivalent of about $120,800 per unit.
“Without a doubt, the property is well-situated in the path of growth, at the confluence of I-24, I-40 and I-440, just minutes from both downtown and historic Monell’s [At The Manor],” Jariel Bortnick, a principal at Quad Property Group, said in the release.
Bortnick said the company plans to update the building exteriors, improve common areas and amenity spaces, and renovate apartment interiors.
Brett Kingman of Walker & Dunlop’s Nashville office brokered the deal for Quad Property Group. The Post was unable to determine if the seller used a broker.
Quad Property Group’s website lists seven properties (now eight) in Florida, Georgia, South Carolina and Tennessee.