Lehman puts massive Nashville apartment portfolio on the market

Jones Lang LaSalle will market four-property offering

Lehman Brothers is offering four large Nashville apartment complexes for sale in a single offering.

Jones Lang LaSalle will market the portfolio, which totals 1,593 units across the four properties: Hermitage's Cherry Creek, Arbors of Brentwood, Cambridge at Hickory Hollow, and Preakness, also in Hickory Hollow. All four were built between 1985 and 1999. According to marketing materials, 43 percent of the units were renovated during the past four years and the Lehman subsidiary that owns the complexes invested $1.1 million in capital improvements in 2011.

All told, the apartments are 95 percent leased and can be purchased individually or in a group. If they sell at per-unit prices similar to what Alara Farms in Cool Springs fetched last year, the total portfolio would be worth almost $200 million.

See Jones Lang LaSalle's marketing materials here.