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Waterton Moves into Nashville With $140M Buy

February 07, 2020 / Greg Isaacson
SHARESHARESHARE

National multifamily manager Waterton has ventured into Nashville’s booming apartment market by adding a 994-unit development to its $5.6 billion real estate platform, marking one of the city’s largest property deals in recent years. Although Waterton did not disclose the deal price, Davidson County records lists it as $140 million. That price tag far outstrips the $101.5 million that CBRE Global Investors paid in mid-2019 for The Gossett on Church, a modern 367-unit community in downtown Nashville. The community, Nashboro Village, is located a few miles south of Nashville International Airport and consists of 69 low-rise buildings across five phases, completed between 1974 and 1987. The previous owner, Starwood Capital Group, acquired the asset as part of a $2.9 billion nationwide portfolio transaction from The Milestone Group in April 2017, according to Yardi Matrix.